Financial Consulting for Foreign National Employees.
In conjunction with our parent company, National Business and Accounting Corporation, CustomPay offers these high-quality payroll and tax services under the direct supervision of knowledgeable CPAs:
Determination of tax status
We will examine an employee's visa type, residency, W-4, and applicable tax treaty, to determine their residency classification and tax filing requirements, plus determine the proper federal/state/local taxes to withhold, eliminating any over- or under-withholding situations.
CustomPay can assist employees in obtaining ITIN numbers for family members and expedite the process with the IRS.
Calculation of payroll taxes
CustomPay will calculate the amount of federal/state/local taxes to withhold.
CustomPay will also generate the appropriate year-end paperwork for each employee (usually a 1042S).
Consultation of eligibility for typical employee benefits
CustomPay will advise you and the employee on how to coordinate US and non-US employee benefits.
For example, a Canadian working in the US who participates in a 401k plan will be prevented from contributing the maximum amount to a Canadian retirement savings plan. Knowing this fact ahead of time will allow the employee to choose the most appropriate action for their circumstances.
Treatment of Stock Options and Variable Compensation
Most foreign national employees (and their employers) would like assistance in deciphering the tax code related to stock options.
We can assist foreign national employees in managing stock options and other variable compensation so that unpleasant financial surprises are eliminated.
Financial planning consultations for foreign nationals both before and after they immigrate to the US.
Tax laws and other government regulations vary widely from country to country, and as soon as an employee crosses the border and establish residency in the United States, the opportunity for some financial planning activities is lost.
We can help you and your employees answer questions like:
Can I contribute to a US 401K plan?
Can I take an income tax deduction for IRA contributions?
Am I eligible for Social Security?
Can I still contribute to my home country’s retirement plan?
What are my tax obligations in the US and at home?
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