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 Dubai Land Department (DLD) launched the unified lease contract for rental properties in Dubai in March this year to create a transparent and professional real estate market with measurable standards. Experts say the new system aims to protect all parties in the lease process and the revisions are seen as an example of best practice.
According to the DLD, brokers legally appointed to manage property of landlords based abroad are no longer allowed to sign unified lease contracts to get an Ejari–the online registration system initiated by the Real Estate Regulatory Agency (RERA) that requires all Dubai rental or lease contracts to be recorded.
The DLD says the property owner must directly sign the original lease contract; even agent who hold a POA to sign a rental contract are no longer allowed to act as proxies. Brokers must now send the unified lease contract via courier to owners who cannot come to Dubai to sign in person. Continue Reading →
On Tuesday, December 19, and Wednesday, December 20, 2017, the U.S. Senate and House voted “yes” to pass the Tax Cuts and Jobs Act. This represents the most sweeping tax reform in over three decades in the United States. The Tax Cuts and Jobs Act now heads to President Trump for his approval and signature.
In our latest Client Advisory, Matthew Pascual of Weichert Mobility Tax Services offers commentary on the impacts for both U.S. Domestic and International mobility programs and recommend specific actions that can be taken by mobility managers to prepare proactively with their stakeholders for the tax law changes.
On December 13, 2017, a preliminary agreement was reached on a final tax bill that would significantly overhaul the Federal tax code. Titled the “Tax Cuts and Jobs Act,” the tax legislation represents a collaboration to sort out the key differences between the House and Senate proposals. This bill represents a big step forward toward passing the tax reform before the end of the calendar year. The updated bill is now in a Conference Committee to address discrepancies between the House and Senate versions. A vote is expected next week on the bill by both the House and Senate.
While the official text of the bill has not been publicly released as of this release, here’s what you need to know. Continue Reading →
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 →
Our Chicago office recently completed its annual fundraiser for breast cancer awareness, raising over $3,300 to benefit The Breast Cancer Research Foundation. Each hour of BCRF research costs $50.00, so our colleagues set their goal at $3000 for 60 hours of research — a goal they proudly surpassed!
To mark the occasion, the team dressed in pink, served “pink food” and created a memory wall to honor those lost to this disease and those who are surviving it.
Meanwhile, colleagues in our Weichert Real Estate Support Services office in Boston hosted a charity event and bake sale to benefit Susan G Komen for the Cure. With 100% participation across the office, the team assembled a dozen homemade baskets to raffle off (in addition to the baked goods), earning close to $1000 for this worthy cause.
Well done, team!
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 →