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FATCA Compensation Reporting: New Rules May Require Reporting of Non-U.S. Sourced Compensation to the IRS
22 March 2012
New Form 8938, which must be attached to the annual tax return of certain individuals who hold interests in specified foreign financial assets, may require disclosure of many ordinary and innocuous compensation arrangements -- even for individuals employed in the United States.
Individuals who fail to report foreign financial assets as required may be subject to adverse tax consequences, including the imposition of fines and the tolling of the statute of limitations for the tax year to which the information relates.
Employee Benefits & Executive Compensation
Private Equity Firms and Funds
Lawrence K. Cagney
Jonathan F. Lewis
Elizabeth Pagel Serebransky
UK Modern Slavery Act Transparency Statement
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