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 has maintained this policy in order to encourage … read more
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 conclusion relieved one taxpayer of an … read more
The IRS understands that many U.S. citizens living overseas are becoming more aware of their tax filing obligations and want to comply with the law. The recent offshore voluntary disclosure programs have resulted in a large number of taxpayers coming … read more
Non resident individuals investing in the U.S. may encounter many tax problems when their home country applies different tax treatment to an investment. One such example of this problem occurs when a United Kingdom investor becomes an owner or partner … read more
As a follow up to the blog Ringing In the New Year, the IRS just released the final version of Form 8938, Statement of Specified Foreign Financial Assets, and its instructions. Individuals must refer to these instructions to report specified … read more
The IRS intends to amend Internal Revenue Code Section 6050W that requires annual information reporting for payment card transactions beginning January 1, 2011. The amendment serves to respond to concerns about the administrative burden of the new reporting requirements. Section … read more
The IRS has given taxpayers yet another chance to step forward and report income from offshore accounts without facing criminal prosecution. The first two Offshore Voluntary Disclosure Initiatives (OVDI) that were launched in 2009 and 2011 brought in over $4.4 … read more
After filing Form 8832, Entity Classification Election, the IRS will send a letter of acceptance or rejection usually within 60 days. If the election is accepted, you are required to attach a copy of Form 8832 to your tax return … 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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