"[W]ith the rise of tax information sharing among country tax authorities, it is increasingly important to be aware of cross-border tax issues that may arise at the member level.... [T]he US income tax system taxes US citizens and green card holders and residents ... on their worldwide income.... [B]eing a member in a pension scheme, having options or other share rights, or even bonus arrangements, may be considered having a financial account ... For a US taxpayer to not properly treat or disclose such benefit for US tax purposes can lead to significant penalties, and for their employers, some reputational risk or embarrassment."

MORE >>