Internal Revenue Service regulations require that the University must retain a record of reimbursement of moving expenses to employees or to a moving company on their behalf. Refer to HR104 and HR75 in the Policy Manual for the respective dollar amount limits. Any exceptions to these limits need the approval of the Corporate Controller.
The Moving Expenses Support Form is prepared for each employee move that is paid for by their administrative area. The Department of Purchases will provide the administrative area with estimates or give instructions to proceed with the move through University-approved vendors under contract. This information must be itemized and supplied on the Moving Expenses Support Form for each move made from one residence to another during a calendar year. The details of the payment are itemized on the form from information appearing on official University cash or purchasing documents.
The form is submitted to Accounting Operations with the receiving report or SRFC with attached receipts. The employee should retain a copy of the Moving Expenses Support Form for his/her tax records.
Completed forms are accumulated by Accounting Operations, listed and submitted on a monthly basis to the Payroll Office, where employee records are continually revised.
All W-2 information showing monthly and annual earnings and withholdings, as well as adjustments to the W-2 forms for moving expense compensation, are maintained in the Payroll Office. The federally taxable amount of the reimbursement is included in the employee's gross income as compensation for services, and is reported on the W-2 and given to the employee and the Internal Revenue Service (IRS) at the end of the calendar year. The non-taxable amount is included in the appropriate box on the W-2.
After the last payroll for the calendar year has been charged to University departments, the Payroll Office begins preparation of the W-2 Wage & Tax Statements for each employee.
When the W-2 forms are completed, Payroll verifies that all adjusted totals are accurate, at which times the W-2 forms are mailed to employees.
In compliance with Internal Revenue Service mandates, W-2 Forms are electronically filed each years with the IRS.
The Financial Officer is responsible for ensuring that procedures pertaining to the accountability and safeguarding of all cash receipts, cash funds, and other assets are established and followed in accordance with approved University policies and procedures. Regular audits relating to advances, cash, travel, equipment accountability, and other expenditures provide a means to protect University assets. The Financial Officer is responsible for working with Internal Audit when audits are being performed in the administrative area, as well as performing an annual audit that is submitted to the Assistant Controller.
Record retention must be managed in accordance with Policy AD35 - University Archives and Records Management, and records schedules approved by the Records Management Advisory Committee, Office of General Counsel, and Office of the President. These retention requirements are the University's retention criteria, either derived or based upon federal, state, and local statute or regulations, industry standards, and business needs. Retention beyond recommended time periods require justifiable reasons and warrant review by the Records Management Officer or designee. All documents must be maintained in such a manner so as to provide ease of access for review, and to provide a suitable audit trail for all transactions.
- Documents subject to a Legal Hold (see AD35, Legal Hold). A legal hold will remain in effect until it is released in writing by the Office of General Counsel.
- Documents under audit or review, either internally or externally. The retention period extends until released by the Corporate Controller's Office. The Financial Officer will be notified regarding any accounts which are under audit; the Financial Officer will be responsible for contacting the department.
Additional questions may be directed to the University Archivist or the Records Management Officer.
For questions, additional details, or to request changes to this procedure, please contact the University Tax Manager.
Date Approved: 09-11-08
Most recent changes:
- Revision 4 - Dated 09-08-08 - (Revised per changes to Policy HR73)
- Revision 3 - Dated 05-22-00
- Revision 2 - Dated 11-13-92
- Revision 1 - Dated 02-20-80
- Revised - 01-26-74 (no revision number)
- Revised - 03-20-64 (no revision number)
- Original - Dated 09-26-60