New Foreign Financial Asset Reporting Requirement with Deadline of April 17, 2012
Practical International Tax Strategies
Ira Mirsky, Adrienne Walker Porter, Karen Simonsen and Todd Solomon were authors of this bylined article on company and individual executive filing requirements under the Foreign Account Tax Compliance Act (FACTA). They wrote that “because it may be difficult … to determine which employees have a filing obligation,” companies should “provide a general notice to all participants in the company’s foreign plans” to alert them about filing requirements and penalties and urge them to consult personal tax advisers. The authors added that McDermott has developed a model form for such a notice.