International Taxation

Considering Exposure to VAT

Consumption or turnover tax is a very common form of taxation around the world. In fact, the United States is one of the few countries that do not have this type of tax in place. Value Added Tax (VAT) or … read more

London Embassy Makes Applying for an ITIN a Little Easier

Many foreign taxpayers who need to apply for an Individual Taxpayer Identification Number (ITIN) have struggled to comply with strict new requirements set forth by the IRS. The new requirements insist applicants send in original documents, such as passports or … read more

Taxes and International Boycott Operations

U.S. taxpayers who have operations in, with, or related to certain countries participating in boycotts not sanctioned by the U.S. government may be required to report such operations to the IRS. Willful failure to file may result in large penalties, … read more

New Forms Simplify Streamlined Offshore Compliance Program

The IRS has made several recent changes to their offshore compliance programs in order to assist taxpayers who wish to come into compliance, as well as ease the resulting tax burden. These streamlined filing procedures are designed only for individual … read more

2014 Updates to 1042-S Forms and Related Documentation

Businesses making certain payments to foreign individuals and entities are required to have on file certain types of documentation from the payee and may need to file 1042-S forms annually. U.S. sourced payments such as rent, dividends, interest, royalties, and … read more

Changes to Form 8621 Filing Requirements

Prior to March 18, 2010, U.S. shareholders of Passive Foreign Investment Companies (PFICs) were generally only required to report certain activities of the PFIC, such as a gain on sale, distribution, or reportable election. Effective March 18, 2010, the Internal … read more

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


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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