FATCA: Implications for International Assignment Programs

This edition of What's News in Tax highlights the new provisions of the Foreign Account Tax Compliance Act (FATCA) and discusses what those rules mean for taxpayers on international assignments and their program managers.

The new reporting rules enacted in 2010 may add some challenges to the 2011 filing season. Taxpayers will be required to provide more information regarding assets maintained offshore, and failure to do so can lead to substantial penalties.

Therefore, it is very important that international assignment program managers send regular communications to assignees to educate them on these new rules.