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This excerpt taken from the CCO 8-K filed Jan 5, 2010. Taxes Many reimbursements made to the employee directly related to the relocation are considered earned income and will be taxable to the employee. Clear Channel is required to report all relocation reimbursements as compensation on the employee’s federal and state tax returns except for those identified below:
Clear Channel will compute and pay a “gross-up” allowance to cover all applicable taxes on the lump sum allowance, and on any reimbursements which do not qualify as tax excludable or deductible items. It is recommended that the employee seek guidance from a tax professional for any year in which there are relocation-related services or expense reimbursements received. Clear Channel has the right to revise this policy at anytime. Neither this guide nor the company’s relocation practices are intended to create a contract of employment for a definite term or under specific conditions. |
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