Special Alert | Tax Planning Opportunity Under the New Tax Reform Plan
As TheMIGroup has previously reported, under the new US Tax Reform Legislation, certain moving expenses that were previously deductible/non-taxable will be considered taxable under the new law.
It is important to note that there is a potential tax planning opportunity that would allow Companies to apply the old taxability rules for moves completed during the 2017 tax year, but invoiced in 2018. However, the implementation may be extremely difficult to administer since the Company would need to determine, and account for, the “accrued” amounts before year-end 2017.
Please consult with your tax providers to determine if this is an opportunity available to you in your specific circumstances, and identify the required implementation steps to be taken prior to the end of this tax year.
TheMIGroup continues to monitor the situation, and will provide further information as it becomes available. Should you have any further questions, please reach out to your dedicated MI contact.