New ITIN Application Requirements
In the past when applying for an Individual Tax Identification Number (ITIN), applicants could send notarized copies of supporting documentation, such as their passport or birth certificate, with their...
View ArticleNew Favorable Private Letter Ruling for a U.S. Taxpayer with A Bank Trust in...
The IRS announced, by issue of a private letter ruling (PLR) on July 30, 2012, that a fideicomiso or Mexican Land Trust (“MLT”) is not a trust within the meaning of Regulation 301.7701-4(a). This...
View ArticleNew Reporting Requirements for Nonresident Alien Deposit Interest
Historically, the IRS has not required the reporting of bank deposit interest when earned by nonresident aliens and nonresident aliens have not been subject to U.S. tax on this income. The government...
View ArticleNew ID Number Requirement on Forms 5471, 8858, and 8865
An Employer Identification Number (EIN) has always been an optional entry on forms 5471, 8858, and 8865. However, the IRS has implemented a new form of identification number on these forms called a...
View ArticleNew ITIN Policy Change for 2013
Foreign taxpayers applying for an Individual Taxpayer Identification Number (ITIN) were hit with some strict application requirements during 2012. The IRS began to demand original identification...
View ArticleDoing Business in Italy
Below are some typical questions that may arise when a business owner is considering expanding operations into Italy. Please be advised the Q&A summary below is intended for general use only and...
View ArticleDoing Business in Russia
Below are some typical questions that may arise when a business owner is considering expanding operations into Russia. Please be advised the Q&A summary below is intended for general use only and...
View ArticleIRS Wants to Know Your Thoughts on Form 8838
Many of us would jump at the chance to give the IRS a piece of our minds, especially if we don’t have to wait on hold for a seemingly endless amount of time. Well, now is your chance, sort of. The...
View ArticleSix Tips for Taxpayers with Foreign Income
U.S. citizens or residents who live and work in a foreign country still have tax return filing responsibilities in the U.S. even if all income is earned outside of the U.S. A federal income tax return...
View ArticleITIN mandatory renewal starts in 2017
The IRS has put into place mandatory renewal of Individual Taxpayer Identification Numbers (ITINs) for certain taxpayers beginning in 2017. An exception to this rule – taxpayers who only use an ITIN on...
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