January 10, 2018<\/p>\n
Senior Vice President for Administration and Finance and CFO \u2013 Controller\u2019s Office (Finance Department)<\/p>\n
This policy promotes the proper stewardship of University funds by providing general guidelines for the appropriate and legal uses of University funds in support of the University’s missions. The University receives, from a variety of sources, funds that carry with them fiduciary responsibilities. Inherent in these responsibilities are the requirement to operate the institution under guidance set forth by the University’s Board of Trustees, to properly safeguard and protect University assets, and to comply with all federal, state, and local laws and regulations. This policy contemplates also that certain institutional duties and responsibilities have been delegated to the operating units (department\/division) of the University involved in the conduct of business and to display sound ethical business practices in carrying out these responsibilities. This policy will adhere to and be in conformity with relevant Internal Revenue Service (IRS) rules\/regulations at all times and subject to change as IRS rules change.<\/p>\n
Summary: All moving expenses reimbursed beginning January 1,\u00a02018\u00a0will be taxable to the employee and subject to tax withholding.\u00a0 Accordingly, beginning on 1\/1\/2018, all reimbursements of moving expenses to current or prospective employees should be reported to Payroll using a 211 form so that the appropriate taxes may be withheld from employee paychecks.\u00a0 This is true even if the expenses were incurred in a prior year, and the employee is not reimbursed until 2018.\u00a0 The University does not gross up any expense reimbursements to account for tax withholdings incurred on reimbursed expenses that are deemed taxable by the IRS.<\/p>\n Since all moving expenses are taxable income, there are no advances to employees for these expenses.<\/p>\n The moving mileage reimbursement rates have been removed from\u00a0the\u00a0Mileage Reimbursement<\/a>\u00a0policy since all moving expenses must be reimbursed as extra compensation.<\/p>\n Central Finance Department Department\/Moving Employee <\/p>\n Page updated 12\/20\/2018<\/em> I. Date of Initiation\/Revision January 10, 2018 II. Policy Classification Senior Vice President for Administration and Finance and CFO \u2013 Controller\u2019s Office (Finance Department) III. Policy Statement This policy promotes the proper stewardship of University funds by providing general guidelines … Continued<\/a><\/p>\n","protected":false},"author":16,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-1406","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.rochester.edu\/adminfinance\/finance\/wp-json\/wp\/v2\/pages\/1406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rochester.edu\/adminfinance\/finance\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.rochester.edu\/adminfinance\/finance\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.rochester.edu\/adminfinance\/finance\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rochester.edu\/adminfinance\/finance\/wp-json\/wp\/v2\/comments?post=1406"}],"version-history":[{"count":8,"href":"https:\/\/www.rochester.edu\/adminfinance\/finance\/wp-json\/wp\/v2\/pages\/1406\/revisions"}],"predecessor-version":[{"id":18742,"href":"https:\/\/www.rochester.edu\/adminfinance\/finance\/wp-json\/wp\/v2\/pages\/1406\/revisions\/18742"}],"wp:attachment":[{"href":"https:\/\/www.rochester.edu\/adminfinance\/finance\/wp-json\/wp\/v2\/media?parent=1406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n<\/strong>The Internal Revenue Code that provided an exclusion from employees\u2019 income for qualified moving expense payments and reimbursements made by employers has been suspended, except for military-related moving expenses, for tax years 2018 through 2025.\u00a0 There is no longer a tax-free reimbursement of employee relocation mileage.<\/p>\nV. Related Policies<\/h3>\n
VI. Responsibilities<\/h3>\n
\nReporting Requirements<\/strong>: Pursuant to tax regulations, the University reports taxable income payments on the employee’s form W2 to the IRS.\u00a0 These payments are subject to tax withholding.<\/p>\n
\nPayment of moving company expenses:<\/strong>\u00a0The appointee (moving employee) is fully responsible for payment of moving company charges. University purchase orders are not to be used for paying personal moving expenses. The University will not participate in direct payment to a moving company for household goods and personal effects.<\/p>\n
\nMaintained by the University Controller’s Office
\n<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"