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
U.S. citizens or residents who live and work in a foreign country still have tax return filing responsibilities in the U.S. even if all income is earned outside of the U.S. A federal income tax return would need to be … read more
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
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
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
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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