October 2019

Report addresses TCJA impact on international corporate tax rules

The Congressional Research Service recently issued a report that looks at how the Tax Cuts and Jobs Act of 2017 (TCJA) has addressed concerns regarding international corporate tax rules. The report also examines how the law has given rise to other issues. This article provides an overview and highlights.

Full Article

IRS updates lists of countries with nonresident alien interest reporting requirements

In a recent revenue procedure, the IRS updated two lists of countries with which the United States has agreements that require payers to report certain deposit interest paid to nonresident alien individuals who are residents of the other country. This article provides background on the guidance and specifies the changes.

Full Article

In the courts: Individual’s FBAR penalty not time-barred

A recent federal district court decision rejected an individual’s claims that penalties assessed against him for failing to file multiple Reports of Foreign Bank and Financial Accounts (FBARs) should be set aside. He argued that they were assessed after the limitations period had expired. This article describes the case and its implications.

Full Article