May 2020

COVID-19 relief available to some nonresident aliens, foreign corporations

In recent guidance, the IRS provided relief to nonresident aliens and foreign corporations affected by the novel coronavirus (COVID-19) pandemic. This article discusses the specifics, which affect eligible parties who normally wouldn’t conduct business in the United States but have done so because they were unable to leave the country during the COVID-19 crisis.

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Residency/presence tests for foreign exclusions waived because of pandemic

In response to the novel coronavirus (COVID-19) pandemic, the IRS has waived the residency and presence tests that apply for purposes of the 2019 and 2020 foreign earned income and foreign housing cost exclusions. This article explains the conditions on which the waiver applies and provides examples.

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IRS extends FATCA reporting deadline to July 15

Because of the ongoing novel coronavirus (COVID-19) crisis, the IRS has granted an extension to file Form 8966, FATCA Report, for Reporting Model 2 Financial Institutions and Participating Foreign Financial Institutions. This article provides background and key details on the extension.

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