International Taxation

New ID Number Requirement on Forms 5471, 8858, and 8865

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

New Favorable Private Letter Ruling for a U.S. Taxpayer with A Bank Trust in Mexico

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

New ITIN Application Requirements

In the past when applying for an Individual Tax Identification Number (ITIN), applicants could send notarized copies of supporting documentation, such as their passport or birth certificate, with their W-7 application.  The IRS is currently trying to strengthen and protect … read more

IRS Helps U.S. Citizens Abroad With U.S. Tax Compliance

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

United Kingdom Residents Investing in the U.S.

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

8938 Requirement for Business Entities Postponed

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

Tax Planning for a Foreign Assignment

Many taxpayers do their homework when it comes to planning for their domestic and international income tax obligations when they are going overseas. Often the consulting begins and ends with income tax planning only. The United States has entered into … read more

Offshore Payment Card Reporting

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

IRS Reopens Offshore Disclosure Program

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


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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