Tax & Accounting Blog

Final Regs Detail Bank Deposit Interest Reporting for Nonresident Aliens

Final Regs Detail Bank Deposit Interest Reporting for Nonresident Aliens

On April 17, 2012, the IRS issued final regs that require information reporting for interest on deposits maintained at U.S. offices of certain financial institutions and paid to nonresident alien individuals resident in countries with which the U.S. has in effect an information exchange agreement (as listed in Rev. Proc. 2012-24, which has been issued … Read More

Hurry Up And Wait…The IFRS & US GAAP Dance Continues

Hurry Up And Wait…The IFRS & US GAAP Dance Continues

The primary goal of a single set of high-quality global accepted accounting standards is still the heart of the matter. However, the SEC’s final report from its IFRS work plan, issued July 13, 2012, does not set out any conclusions on the logistics of when or how current US GAAP reporters can achieve that goal. … Read More

NRA Withholding and Reporting on Payments to Foreign Nationals – Part 12: What if the Recipient of the Income Requested that Payment Be Made to a Third Party?

NRA Withholding and Reporting on Payments to Foreign Nationals – Part 12: What if the Recipient of the Income Requested that Payment Be Made to a Third Party?

If a third party has been designated to receive the payment for services, whether you still have to withhold and report the income as if made to the individual who provided the services depends on the circumstances. If the arrangement for the services was made with the service provider who, after the services were performed, indicated … Read More

New French Law on the Taxation of Trusts

New French Law on the Taxation of Trusts

On July 29, 2011, France enacted a new law on the taxation of trusts. Under the new law, a trustee must disclose certain information about the trust if the trust has a French settlor, beneficiary or French assets. The trustee must file the disclosure by June 15. The government was to provide further details on how to … Read More