The distance between your new job and your former home must be at least 50 miles farther than your previous employer is from that home. The costs you incur for moves within the same town do not qualify for the deduction. The department requesting reimbursement should include the Purchase Order number or Department Requisition Number on the Moving Expense Reimbursement Form.Beginning in 2018, moving expenses are no longer eligible for a tax deduction on your federal tax return however, some states such as California continue to provide a deduction on your state tax return if you qualify. In the event a dispute arises between the moving company and the employee, responsibility for resolving the matter rests with the employee. The University assumes no responsibility for the household goods, personal effects, or property of the employee. The moving company will then invoice the University directly for the maximum authorized dollar amount or the total dollar amount if less than the maximum authorized. When the move is complete, the employee will be responsible for any expenses in excess of the stipulated maximum allowance. A purchase order will be submitted to the firm indicating the University’s agreement to pay up to the maximum authorized amount. The employee should work with the hiring department in submitting the moving company’s payment information at least two weeks prior to the intended move. Additional insurance beyond the normal liability of the moving company will not be provided. The University utilizes a moving contract through the E & I Cooperative and employees are encouraged to obtain quotes from Allied and United Van Lines. The moving expense reimbursement form must include a copy of the official Offer Letter given to the employee, original receipts, the employee's signature and the authorized signature for the account to be charged.ĭOWNLOAD MOVING EXPENSE REIMBURSEMENT FORM Moving Vendor Direct Payment OptionĪ department may choose to pay for an employee's moving expenses (services performed by a moving company) by direct vendor payment. ![]() The department submits a Moving Expense Reimbursement Form to the Payroll Office. The Offer Letter should state the agreed maximum amount for relocation expense reimbursement and be signed by the appropriate Vice President. The department must include the amount of reimbursable moving expenses within the employees Official Offer Letter. Relocation expenses may be reimbursed to faculty or administrative and professional staff positions for a total amount approved not to exceed actual expenses as determined by each individual department. Reimbursement will not be allowed for amounts in excess of actual expenses incurred. The move must be business related and expenses must be substantiated as stated by the accountable plan rules. The department will be required to use local (non-state appropriated) funds. ![]() The reimbursement of relocation expenses may not be paid with State appropriated funds (reference General Appropriations Act, 74th Legislature, HB1, Article 9, Section 18). The appropriate Vice President must approve the reimbursement and funds must be available in the account charged. Moving ExpensesĪ department may determine that it is reasonable and necessary to pay the relocation expenses of an employee. ![]() As result, all moving expenses incurred on or after January 1,2018, whether reimbursed to an individual or paid to a vendor on behalf of an individual, are taxable income to the individual. NEW! Under the Tax Cuts and Jobs Act of 2017, the personal deduction for relocation expenses and the exclusion from income of the employer-paid relocation expenses are suspended from Januthrough December 31, 2025.
0 Comments
Leave a Reply. |