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At the EEI 24th Annual Forum on International Tax Withholding and Information Reporting in New York on June 5-6, members of the U.S. and foreign financial industries met with key representatives of the IRS to explore the latest on FATCA regulations and implementation. Requirements from the USFI perspective were examined along with those from the FFI … Read More
Take a look at the future of Form W-8 documentation: the new draft Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding (Individual), is on display at http://www.irs.gov/pub/irs-utl/formw8benindividualexecirculation2.pdf, and a draft of the all-new Form W-8BEN-E, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding (Entities), is posted … Read More
Wages paid to foreign employees are reported on Form W-2 with the following exceptions: Treaty-exempt wages of nonresident employees are reported on Form 1042-S Wages paid to H-2A Agricultural Workers (both residents and nonresidents) are reported on Form 1099 MISC if the amount paid during the calendar year equals or exceeds $600 Wages paid … Read More
The IRS public hearing on the proposed regulations for FATCA (Foreign Account Tax Compliance Act), REG-121647-10, was held on May 15, 2012. More than 20 speakers were on the agenda, and 199 comment letters received by the IRS were posted online at http://www.regulations.gov/#!docketDetail;dct=O%252BSR%252BPS;rpp=25;po=0;D=IRS-2012-0009 (or see http://www.regulations.gov/ for Docket ID IRS-2012-0009). FATCA law established a new Chapter … Read More
Ohio’s tax amnesty program is now open, running through June 15, 2012. “Qualifying delinquent taxes” include taxes that were required to be paid to Ohio as of May 1, 2011 for which the state has not issued a tax bill or a notice of assessment or audit, and for which an audit has been conducted or … Read More
Individuals who are foreign persons include all non-U.S. citizens who are neither green-card holders nor meet the 183-day substantial presence test (called nonresident aliens). Nonresident aliens also include individuals who meet the 183-day substantial presence test for the calendar year but who are also residents of a tax treaty country (called dual residents) who make an … Read More