In this episode Director of International Tax Services Art Dichter explains when foreign trusts are useful and how they play into tax planning.
With tax-filing season underway, foreign persons should be prepared to meet their unique U.S. tax-reporting and -payment responsibilities based on their tax residency status. Following are three important factors non-U.S. persons should keep in mind and act on sooner than later to avoid penalties for non-compliance. Know Your Income Tax Status Under U.S. tax laws, […]
The IRS, buried under millions of unprocessed tax returns from tax year 2020, is suspending the automatic mailings of certain letters and notices it usually generates when it identifies individuals and businesses that failed to file required tax returns or that owe additional taxes. The announcement comes just weeks after the IRS began accepting tax […]
With so much attention paid to the impact of the COVID-19 pandemic and the various forms of U.S. government stimulus, international businesses with foreign investors may have missed the passage of a new U.S. law imposing stricter anti-money-laundering compliance procedures for disclosing the identities of their beneficial owners beginning as soon as 2022. On Jan. […]
Under U.S. tax law, foreign corporations and foreign persons deemed nonresident aliens (NRA) for tax purposes must pay U.S. taxes only on income they earn from U.S. sources. Therefore, an NRA that owns an interest in U.S. real estate will have a U.S. income tax liability only when he or she “disposes” of the property […]
The IRS has issued a series of guidance providing relief for nonresident alien individuals, foreign businesses and U.S. expats living and working abroad who may be adversely affected by the COVID-19 international travel restrictions and forced to prolong their stays in the United States. In general, individuals who meet U.S. residency tests are considered resident […]
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The U.S. Treasury and Customs and Border Protection (CBP) are granting much-needed relief to importers and critical supply-chain businesses struggling with restricted operations and rising financial difficulties through the COVID-19 pandemic. Under a temporary interim-final rule, eligible importers have the option to defer for 90 days deposits of estimated duties, taxes and fees on merchandise […]
Every five years, the Bureau of Economic Analysis (BEA) requires U.S. persons (including entities) with certain foreign affiliates to file Form BE-10, Benchmark Survey of U.S. Direct Investment Abroad, by a statutory deadline of May 29 or June 30, 2020. The COVID-19 pandemic has caused any postponement of the final BE-10 due date, which depends […]
On April 9, the IRS issued Notice 2020-23, expanding COVID-19 filing and payment relief to include most returns, tax payments and other time-sensitive actions with reporting deadlines falling on or after April 1, 2020, and before July 15, 2020. Prior to the issuance of Notice 2020-23, it was unclear whether the below international forms were […]