State Taxation

  • Tax Implications of Foreign Pension Plan Participation

    By:
    By James Cassidy, CPA
    |
    Mar 1, 2012
    As a result of IRS offshore compliance initiatives, recently enacted legislation, and new informational reporting requirements, tax preparers and U.S. participants in foreign pension plans must carefully evaluate how a foreign-based retirement plan is structured and valued. Because many U.S. citizens who have repatriated or are currently residing and working abroad, as well as foreign nationals currently residing in the United States, either have retirement assets abroad or are currently participating in a foreign plan, practitioners and taxpayers should evaluate the reporting requirements, follow guidance for preparing accurate tax and information returns and strive to minimize both taxes and onerous penalties.
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