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
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 Unique Reference Identification number (URI). The URI … read more
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
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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