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Global Compensation Services and Benefits
- Coordinate Payroll Changes & Transition
- Reconcile Year-End Statements
- Issue Final Global Compensation Summary
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- Preparation of Cost Estimates
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- Preparation of Assignment Letter
- Preparation of Initial Global Compensation Worksheet
- Compensation Orientation with Assignee
- Application for Certificate of Coverage
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- Provide (Primary Payroll) Accounts Required to Income Statement per Ongoing Compensation Collection Process
- Reconcile Year-End Statements
- Issue Global Compensation Summary
- Calculate International Assignment Relocation Allowance
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- Preparation of Updated Global Compensation Worksheet
- Initiate Payroll Coordination
- Mirror Payroll Calendars
- Liaise with Tax Provider for Host Country
- Reporting Requirements
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- Update Global Compensation Worksheets
- Commence Global Compensation Collection Process
- True-up Cost Estimates
- Actual vs. Budget Cost Estimates
- Review Payroll Results Files - Accuracy/Changes Process
- True-up Cost Estimates
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Tax laws often require that citizens deployed on international assignments pay taxes in their home or host country, regardless of whether or not the income was paid directly to, or on behalf of, the individual in either of the jurisdictions. Potentially, these payments can be delivered from various sources, such as multiple payroll systems, accounts payable, and third-party vendors, and in multiple currencies. Ultimately, these payments must be compiled in a central location and single currency for tax compilation and reporting purposes by the client company's tax provider.
Our global compensation technology, combined with customized process flows and production reporting, provides the following benefits: reduction in number of W-2 forms (or equivalent) issued and resulting amended tax returns filed; reduction in late filing and underpayment penalties assessed by the IRS (or equivalent) home or host country taxing authorities; greatly facilitate the annual tax true-up process and cash flow; and enhance the ability of the company, from a corporate tax perspective, to plan and claim tax relief and other compensation and benefits that otherwise may not be available.
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