Expat tax filing is part of that monstrous, pesky goal of keeping your global mobility program clean and compliant. Mobility programs that do this effectively usually have a well-oiled collaborative process with their expatriate tax partners, their relocation management company (RMC) and their own internal stakeholders like payroll, AP and internal tax. Your global compensation accumulation process can make for a cleaner and more streamlined ability to prepare those filings, and there might be room for cost savings in your current process. For more related to this process, take a minute and watch: "Global Compensation Accumulation - What Is It?"
In the below, Raj Azad from Global Tax Network (GTN) provides some great insights and advice for mobility programs in his post on "Post-Tax Season Checklist." He shares that you might want to:
- Do a post-tax busy season review meeting with your tax provider (and we would add with your RMC)
- Draft next year's authorization list, at least begin by keeping an active list
- Identify delinquent taxpayers and follow-up with them
- Identify taxpayers who may need long-term extensions
- Review and adjust compensation reporting
- Review your accrual process
- Review the balance due payment process
- Track tax reimbursement collections
- Create a process for foreign tax credits
Like any checklist, you might be pleasantly surprised that you can check most, if not all, of the boxes, but then again, what if you are not? Head out and download that checklist and consider where you are at!
Other resources to consider when evaluating your current treatment on expatriate taxes:
Now that the tax busy season is over, take time for yourself to relax, begin your spring-cleaning, and review this past tax season with a post-tax season checklist. Taking time now to review this past tax season for your company's mobility program will allow you and your tax provider to be better prepared for a smoother tax season next year. Identified below are a number of areas we recommend for a post-tax season review, as well as tips for a successful and rewarding post-tax season.