The global solution for payroll professionals, combines custom research, strategic white papers, country primers, webinars, and the expert guidance you’ve come...
March 7—Adjustments to the limits on foreign-housing expenses for 2016 under Internal Revenue Code Section 911 were released March 7 by the Internal Revenue Service in Notice 2016-21.
The adjustments were based on geographic differences in costs as compared with those in the U.S.
The amount that U.S. workers in Canada may claim under the foreign housing expense exclusion in 2016 declined in all major cities compared with 2015. The exclusion for Toronto dropped to $41,400 from $49,700 in 2015, while the exclusion for Montreal fell to $43,900 from $52,000.
By contrast, the amounts in many other big cities changed only slightly or not at all—the rate in Mexico City, for instance, remained at $47,900.
Other locations that remain unchanged from 2015 include Moscow, $108,000; Osaka-Kobe, Japan, $90,664; and Bermuda, $90,000.
At $114,300, Hong Kong again topped the list with the highest amount, the same amount as in 2015, while the amount for Geneva decreased to $93,300 from $95,200.
To contact the editor responsible for this story: Michael Baer at firstname.lastname@example.org
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)