International Taxation

Intergovernmental Agreements

The Foreign Account Tax Compliance Act (FATCA) was created to prevent offshore tax evasion of U.S. taxpayers. As part of the IRS initiative for international data exchange, certain foreign entities have additional reporting requirements. If these entities fail to comply, … read more

New FATCA FAQs Released

As many taxpayers attempt to comply with the Foreign Account Tax Compliance Act (FATCA), they are facing challenges understanding and conforming to the requirements. In an attempt to clarify these complex rules, the IRS has issued Frequently Asked Questions (FAQs) … read more

UK Double Taxation Relief for the U.S. LLC

A recent UK high court decision provides insight and HMRC may grant flow through treatment status for certain qualified United States LLCs. Prior to this decision, HMRC has denied UK investors relief from double taxation in the UK. On July … read more

BEA Survey Requirements

Unless you received a letter from the Bureau of Economic Analysis (BEA) requesting you complete a survey, you may not have been aware of the existence of these surveys. Although BEA surveys have been around for a number of years, … read more

Health Coverage Exemption if You Live Outside the U.S.

U.S. persons living outside the U.S. may qualify for the health coverage exemption, meaning you may not have to pay the penalty (The Individual Shared Responsibility Payment) for the months you did not have minimum essential health coverage, as long … read more

Are PayPal Accounts Reported on the FBAR?

When filing your Report of Foreign Bank and Financial Accounts (FBAR), you may not be inclined to report your offshore PayPal account. After all, PayPal accounts aren’t real bank accounts, right? Well, you may need to think twice about this … read more

States Focus on the Taxation of Cloud Based Services

With the ever-increasing advances in technology, taxation of cloud based services and products have recently piqued the interest of state taxing authorities. Many of the existing state tax laws do not specifically address these issues, since the laws were written … read more

Navigating the New W-8BEN-E Form

We were first introduced to the new W-8BEN (for individuals) and W-8BEN-E (for entities) when the IRS released draft forms applicable to the 2014 tax year. The IRS continues to fine-tune the W-8BEN-E forms and instructions in the 2015 drafts. … read more

What’s new on the Form 1042?

The IRS has issued a draft of the 2015 Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign persons and instructions to that form. The new changes from the 2014 form include two things: It is now … read more

IRS Enforcement of Outbound Toll Charge

The IRS is warning its examiners of a new area of interest to look out for when examining corporate taxpayers. On November 2, 2015, the IRS released an International Practice Area (IPU), which provides examiners instruction on how to audit … read more


There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.

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