Moving Expenses Are Now Taxable Income

Under the recent tax changes, moving expenses are now treated as taxable income and need to be reflected as such on employee paychecks.  The UM Policy is currently under review.  In the interim we will be including the following language in employment offer letters:

“The University will reimburse you for the actual cost of eligible moving expenses up to  10% of your annual salary or $25,000, whichever is less.  A summary of eligible expenses can be found in the University’s Moving Expense Policy at  http://www.umsytem.edu/ums/rules/hrm/hr100/hr103Please note that due to 2017 federal tax law amendments, moving expense reimbursements will be treated as taxable income.”