If you’re a U.S. taxpayer with a bank account outside the country, you may need file an FBAR, which is used to report foreign account information to the U.S. government. Failure to file can result in severe penalties, with fines as high as $100,000 or 50% of the account's balance.
The global economy is evolving quickly, and tech and other startups are looking beyond traditional expansion targets like the UK and China. Popular targets now include relatively low cost, talent-rich countries like Israel, Ireland, the Czech Republic and Poland, which recently joined the ranks of FTSE Russell advanced economies, the first country to do so in nearly ten years
Keeping track of your employees’ international business trips is a critical, often overlooked component of operating a multinational organization. The size of your business doesn’t matter: to minimize risk, you need to understand and record where your employees are traveling and for how long. Business trips — also known as short-term expat assignments — pose a particular problem. They are often wrongly dismissed as low- or no-risk, which can prove costly. Many companies, for example, unknowingly trigger a taxable presence in another country by sending an employee on multiple business trips there, which can lead to fines and reputational damage.
The globalized economy presents new opportunities for growth, frequently requiring companies to send employees overseas on assignments. Sending key talent overseas can solve problems, but employers typically must navigate a common set of challenges, such as immigration status, in-country employment compliance, host and home country taxation, compensation planning and quality of life topics.
A shadow payroll can lower your company’s risks when you send an employee abroad. Find out why in this short video.
Tax authorities everywhere are intent on collecting taxes from foreign nationals working within their borders, and shadow payrolls have become an increasingly important way for multinationals to avoid paying fines. This post gives you an understanding of what shadow payrolls are and why they’re used. If you’re considering sending an employee abroad, understanding why shadow payrolls are important is a critical first step to lowering your company’s risks.
Welcome back to Global Glance. This week we look at how to launder money and shoot craps at the same time, the trouble with judging NAFTA, and why US expats and accidental Americans loath the IRS.
Processing multinational payrolls, paying employees on time, managing expense reporting, vacation-tracking and complying with local regulations can leave room for error and potential exposure to significant compliance penalties.
When Contently decided to send a trusted employee abroad during its first international expansion, it turned to Radius to provide expert global mobility advice and services, from obtaining the proper visa to structuring compensation to managing annual tax returns.
Increasingly, US companies are sending employees on what amount to short international assignments, and they may not even know it. These may be formal short-term assignments with written agreements or could simply be “international commutes” involving occasional business trips to one or more countries.