The outbreak of COVID-19 (the coronavirus) has significantly disrupted and impacted the world. The global nature and dramatic lock down /stay at home orders undertaken by governments around the world have left many individuals and families dislocated. Among the victims: non-United States persons (NRAs) stricken with the disease while visiting the U.S. and unable or unwilling to return to their country of residence.
Breaking Tax News, March 20, 2020: IRS moves tax filing deadline from April 15th to July 15th due to Coronavirus pandemic. Taxpayers will not incur penalties or fees if they choose to wait until July 15th to file income tax returns.
IRC 1473(4) and 1.1473-1(d), define a withholding agent as any person in whatever capacity having control, receipt, custody, disposal, or payment of any item of income of a foreign person that is subject to withholding. In the eyes of the U.S. federal tax authorities, a person is considered to have custody of, or control over a distribution of funds or income, if a person is the one who ultimately has the authority to release the funds or income. If such person does not properly withhold the correct amount of tax they will be subject to pay the tax not withheld.
The Foreign Account Tax Compliance Tax Act (FATCA) became law in 2010 and is a major development in the taxation of Americans living abroad. FATCA is a tax law that requires U.S. citizens at home and outside of the United States (U.S.) to file annual reports on any foreign account holdings. FATCA is intended to prevent tax evasion by U.S. citizens and residents via the use of offshore accounts.
International Tax experts view digital tax as one of the “hotbutton” issues of the new decade.
In Dec 2019, the National Association of Realtors (NARS) announced their top 10 U.S. cities for real estate investment…
GILTI tax was enacted under the TCJA (new IRC 951A). IWTA Founder Jack Brister explains…
