ITIN mandatory renewal starts in 2017

The IRS has put into place mandatory renewal of Individual Taxpayer Identification Numbers (ITINs) for certain taxpayers beginning in 2017. An exception to this rule – taxpayers who only use an ITIN on an information return such as Form 1099 will not be required to renew their ITIN. Moreover, the filer of an informational return …

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Navigating the New W-8BEN-E Form

We were first introduced to the new W-8BEN (for individuals) and W-8BEN-E (for entities) when the IRS released draft forms applicable to the 2014 tax year. The IRS continues to fine-tune the W-8BEN-E forms and instructions in the 2015 drafts. These forms can seem very complex, especially to foreign entities that may not be familiar …

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Foreigners Selling U.S. Real Estate

Perhaps you are a non-U.S. resident who was keen on investing in U.S. real property after the housing market crash, hoping the market would improve and you could profit on the real estate sale after a few years. Or possibly, you are a Canadian who purchased a vacation home in sunny Arizona to escape the …

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FBAR Deadline Fast Approaching – Don’t Forget to File

Just a reminder to prepare and file the Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR) with the Treasury Department as the deadline is fast approaching – June 30, 2015. Any United States (U.S.) person or entity with signature authority over or interest in foreign accounts with the …

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