Tax & Accounting Blog

IRS Corrects Error and Reissues Publication 515 for 2013 Tax Withholding on Nonresident Aliens and Foreign Entities

IRS Corrects Error and Reissues Publication 515 for 2013 Tax Withholding on Nonresident Aliens and Foreign Entities

If you downloaded IRS Publication 515 when the 2013 edition was first released by the IRS, you’ll need to replace it with a corrected version. Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities, provides information about withholding U.S. income tax, documenting the beneficial owners of U.S.-source income, and the claims a … Read More

March FATCA Webcasts for AP Departments and Trusts

March FATCA Webcasts for AP Departments and Trusts

This year is a pivotal time for new tax regulations. We’re here to help with webcasts throughout the year that address the new regulations head on. For March, we address how the rules affect accounts payable and U.S. payers in trust, bank and brokerage. Join us as Jerri LS Langer, JD, LLM and Marianne Couch, … Read More

IRS Issues New 2013 Edition of Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities

IRS Issues New 2013 Edition of Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities

The IRS has issued a new edition of Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities, revised for use in 2013. Pub 515 is the basic plain-English IRS explanation of payers’ tax withholding obligations under Chapter 3 of the Internal Revenue Code (section 1441 withholding) for payments of U.S-source income to … Read More

Form 1042-S Information Reporting to Non-U.S. Persons Part 2: Payments Not Reportable on Form 1042-S

Form 1042-S Information Reporting to Non-U.S. Persons Part 2: Payments Not Reportable on Form 1042-S

Income payments not subject to NRA withholding are also not subject to Form 1042-S reporting. They include: • Income excluded from income under section 61 (e.g., qualified scholarships and fellowships). • Proceeds on sales of U.S. real property interests by non-U.S. persons (use Form 8288). • Partnership profits reported by the partnership to a … Read More

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Switzerland and the United States Sign Bilateral Intergovernmental Agreement for Implementation of FATCA

The U.S. Department of the Treasury has announced the signing of a bilateral agreement with the government of Switzerland to facilitate implementation of the information reporting and withholding tax provisions of the Foreign Account Tax Compliance Act (FATCA). “Today’s announcement marks a significant step forward in our efforts to work collaboratively to combat offshore … Read More