Global Impact Of Tax Considerations For Displaced Workers

Abstract

The current recession, combined with the globalization of the economy, outsourcing of jobs, and business downsizing, has resulted in thousands of workers experiencing the loss of their job. In addition to other circumstances that arise through the loss of a job, a new and unfamiliar set of tax issues can result through this new situation. This article will address some of the tax issues affecting displaced workers. The discussion will include strategies for displaced worker’s income, deductions, tax credits and special considerations.