International Taxation

Temporary Regulations Provide Guidance on Form 5471

Effective December 31, 2013, the IRS issued temporary regulations providing guidance on the reporting by U.S. officers, directors, and shareholders of foreign corporations. Generally, this information is required to be reported on Form 5471, Information Return of U.S. Persons with … read more

Filing Taxes for Foreign Students in the U.S. – Part 2

Once a foreign student has determined residency status, as discussed in Part I of this blog, the student and employer should be aware of the tax withholding requirements on wages.  If the student is considered a resident alien, tax withholdings … read more

Filing Taxes for Foreign Students in the U.S.

There are special tax rules for foreign students working in the United States.  The student should first determine if he or she would be considered a U.S. resident alien or nonresident alien for income tax purposes. Generally, foreigners will be … read more

Claiming Treaty Benefits

The United States has income tax treaties with many foreign countries.  These treaties may reduce the U.S. income tax of a resident of a foreign country.  The reduced tax rates or exemptions vary between each country and each type of … read more

IRS 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.  … read more

Foreign Gift Reporting Requirements

Generally speaking, the United States imposes gift tax on all gifts above a certain threshold. But, in general, in the case of a nonresident not a citizen of the United States, gift tax shall apply to a transfer only if … read more

Doing 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 should not be relied upon. When a business … read more

Doing 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 should not be relied upon. When a business … read more

New 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 documentation with Form W-7 or certified copies of documentation from the issuing agency.  The … read more

Welcome


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, LLP 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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