US persons with foreign shareholdings exceeding 50% of a foreign corporation are advised to consider making a timely application to the IRS for consent to use the foreign corporation’s balance date for reporting purposes. This needs to be done on Form 1128...
Fresh from a US contact is news that IRS is stepping up its focus on payments to foreign vendors made by US Accounts Payable departments. This dovetails with the article I’ve just written for AMCHAM on form W-8BEN posted yesterday. Foreign vendors =...
US persons engaging in transactions with foreign trusts need to be cautious when dealing with the property of a foreign trust for personal advantage. This includes loans from the trust to a US person. Types of foreign trust A foreign trust is classified as...
