--(BUSINESS WIRE)--Wolters Kluwer Tax & Accounting:
What: As the end of summer typically marks a time when families rush to move into their new homes before the school year begins, taxpayers are reminded that the Tax Cuts & Jobs Act repealed the moving expense deduction for all except Armed Forces members.
Why: Taxpayers should understand that the loss of the moving expense deduction could have an impact on the relocation decisions of individuals and their employers. Among the changes to note:
- The repeal applies for the years 2018 through 2025
- The exclusion for qualified moving expenses reimbursed by your employer is suspended for 2018 through 2025
- The deduction and the exclusion remain in effect for Armed Forces personnel on active duty who move pursuant to a military order incident to a permanent change of station
- Employers will now be responsible for withholding and FICA taxes related to reimbursed moving expenses now being taxed as wages
- The deduction for unreimbursed employee business expenses has been repealed as well, eliminating that possible alternative
Who: Tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst at Wolters Kluwer Tax & Accounting, is available to discuss the repeal of the moving expense deduction in more detail.
Contact: To arrange interviews with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topics, please contact:
| NICOLE YOUNG | BRENDA AU | ||||||
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