If you manage a corporate relocation program, there’s no doubt you’ve been bombarded over the last few weeks with information on the U.S. tax reform and how it will impact your program. It’s a lot to weed through but don’t fret! Matthew Pascual, our resident tax guru and SVP of Weichert Mobility Tax Services, has created a one-page summary of everything a mobility manager needs to know regarding the new tax law. Download it, save it, study it, know it.
The proposed U.S. tax reform, if approved, will have significant impact on corporate domestic relocation programs. Under this reform, certain benefit payments that were previously considered excludable from employee income if paid by the employer would become taxable. These expenses fall under 3 categories as follows:
• Household Goods Moving Expenses
• Storage Expenses
• Final Move Travel Expenses
With moving expenses no longer receiving preferential tax treatment, several long-standing tenets of relocation taxation, including the “50-mile distance test” and the “39-week rule” would be dissolved. Of additional interest to corporate relocation managers and mobile employees are changes to the treatment of capital gains on the sale of a primary residence which impose more stringent requirements to be considered excludable.
Although these reforms will likely result in an increase in mobility costs for most companies, workforce mobility will still remain a vital tool for companies to grow their business and attract and develop talent. With that in mind, let’s take a look at one example of how these changes will affect the cost of a move. Continue Reading →
You’ve arranged the airplane tickets, rental home and new car for your mobile employees. But your job as a mobility manager isn’t done quite yet. It turns out that employees actually want a whole lot more out of the relocation process than an itinerary stating their flight time and new address.
That’s the latest discovery from our recent research paper that offers revealing insight from the perspectives of all of the key stakeholders in any relocation–from the employees being moved to the corporate managers and business unit leaders who are moving them. It’s a project that makes sense; after all, the more we know exactly what our clients and their mobile employees want out of a move, the better we can ensure the entire process is a sweeping success for all parties involved.
And while both companies/clients and mobile employees have a lot riding on a relocation, research shows that mobile employees are often the most vocal stakeholders. After all, they’re the ones packing up their bags, families and lives. And if they’re not happy with the process, their companies will be left grappling with frenetic employees obsessing over the relocation as opposed to focusing on their new role. And that’s a perfect recipe for soaring stress and plummeting productivity. Continue Reading →
We don’t just help move your mobile employees. We make it our business to ensure that they have a seamless and speedy move. In handling moves everywhere from Massachusetts to Mexico to the Middle East, we’ve seen it all, experienced it all, and, most importantly, succeeded through it all.
And through our free webinar series, we share tips and best practices to propel your mobility program. Our next webinar, on Thursday, October 19 at 1:00pm ET, will focus on household goods (HHG) shipping, truly a topic that can confound even the most seasoned mobility professional.
In anticipation of the big event, we chatted with Kyriako Bouris, VP of Global Transportation here at Weichert Workforce Mobility. Our savvy HHG expert gave us a sneak peek of what he’ll be exploring in the upcoming webinar–from the biggest trends shaping the HHG industry to the make-it-or-break-it factor when choosing a HHG provider. Let’s go! Continue Reading →
What’s your first move if an emergency situation – whether a tropical storm or a political uprising – breaks out around the corner from your home? Now imagine this is your new home – in a new city, state, or country. Suddenly, you’re not just dealing with the emotional and financial stress of an impending disaster coming at you at supersonic speed, but you’re also in an unfamiliar land and possibly navigating a language barrier with no escape in sight.
This nightmare scenario was a horrifying reality for countless mobile employees in Texas and Florida, who were recently battered by Hurricanes Harvey and Irma. The colossal hurricanes wreaked havoc on the regions; claiming over a hundred lives, destroying hundreds of thousands of homes, and causing hundreds of billions dollars of damage, according to White House estimates.
Of course disasters aren’t always avoidable, but we can avoid being ill-prepared. So, here are a few best practices to ensure your mobile, on-the-move workforce is 100% prepared when an emergency strikes. Continue Reading →
As you may have heard, credit reporting agency Equifax yesterday announced that it had suffered a cybersecurity breach that may impact more than 143 million U.S. consumers. Names, Social Security numbers, birth dates and other highly sensitive personal and financial information is among the data that may have been accessed.
We encourage you to visit the Equifax website for more details about the hacking, including whether your information was impacted and how to register for credit file monitoring and ID theft protection.
Life on assignment drives mobile employees’ ability to advance their careers. Providing an automobile or car allowance to enable assignees to drive themselves around their destination location is another story. How do you decide whether or not to offer this type of benefit and how do you define its scope?
Provisions are typically made based on country, assignment type and tier. For the star talent you want to deploy, having access to independent transportation can be the positive tipping point in the favor of accepting an international assignment. Host location norms matter above all else, putting safety and security first.
Considering the importance of this topic and the impact it can have on recruitment and retention, Weichert recently partnered with RES Forum to research best practices among transportation policies in use at multinational companies. Here are some results of that survey. Continue Reading →
Weichert Workforce Mobility will be conducting complimentary, half-day educational summits for HR & corporate mobility professionals in Zurich and Geneva. These programs offer strategies for measuring engagement levels across your mobile workforce and insight to key mobility trends that will impact your program for years to come. Subject matter experts from the corporate and provider perspectives will provide valuable insights and best practices to make it faster, easier and more cost-effective to manage mobile talent.
To ensure an intimate learning environment, attendance at these events will be limited. Dates and locations are as follows:
Tuesday, 10 October, 15:00 – 20:00
Rennweg 7, 8001 Zürich, Switzerland
Wednesday, 11 October, 15:00- 20:00
Rue de Lausanne 14, 1201 Geneva, Switzerland
Following up on our earlier post about the Ontario Non-Resident Speculation Tax that became effective June 1, the following is a summary of current status as obtained from reliable sources but which cannot and should not be relied upon as legal or tax advice and Weichert clients should review this tax law status with their applicable tax advisors.
Quite simply, several material developments have occurred that corporate clients and relocation companies should be aware of as they undertake home sale transactions within the Greater Golden Horseshoe* Region (GGH).
Foreign national purchasers (essentially any buyer who is not a Canadian citizen or permanent resident or a couples purchase in which neither spouse is a Canadian citizen) will be subject to paying the 15% purchase price speculation tax, and relocation companies and clients should be prepared accordingly. Please note that some special foreign purchaser exemptions may apply, and would need to be pursued by experienced local counsel with the Ontario Ministry of Finance.
Today, we have a lot of Jetsons-style technology, literally at our fingertips. Who doesn’t love FaceTime, Google searches and the Roomba (Ok, maybe not the Roomba)? To remain competitive and keep your rising mobile talent happy, it’s vital to acknowledge that the construct of family has also progressed. Let’s visit some of the major points that are part and parcel of 21st century mobility management.
What Makes A Family A Family
As technology has changed, so too has our definition of “family.” No longer defined by Dad, Mom and 2.2 children, families can be multigenerational, include domestic partners, be single parent in nature and even have members of a different species. Being sensitive to your mobile employee’s particular situation strengthens the corporate relationship, increasing the likelihood of a successful assignment.
When your mobile employee is not flying solo, it’s imperative to lend support and consideration to a spouse or partner who may be feeling less than thrilled about uprooting his or her life. Often, there is an entirely separate, established career to consider and offering career counseling assistance can help. The loss of a second income may be the kind of financial hit the family just can’t take and can influence whether or not your preferred assignee signs on. Continue Reading →