The IRS website; Foreign Tax Credit states that US employers may not file for refunds claiming the foreign tax credit (FTC) for the previously non-creditable French Contribution Sociale Generalisee (CSG) and Contribution au Remboursement de la Dette Sociate (CRDS) taxes withheld or otherwise paid on behalf of their employees. IRS has also clarified how individuals…
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IRS To Focus on US Individuals' Foreign Income With New Campaigns
According to Law360, The IRS has announced six new compliance campaigns focused on issues affecting U.S. nationals' overseas income, capital gains taxes for some pass-through businesses and certain forms of deferred compensation for services. A statement from the Internal Revenue Service's Large Business and International division didn't include a launch date for the campaigns, but their…
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Senate OKs Tax Treaties With Spain, Japan, Switzerland & Luxembourg
According to Law360, The U.S. Senate on July 17, 2019 approved three bilateral tax treaties with Switzerland, Luxembourg and Japan, one day after approving a treaty with Spain. The Senate overwhelmingly approved the treaty protocols, which are, in part, designed to help prevent companies from being subject to double taxation. The Swiss treaty passed by a 95-2…
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Gov't Received 39% of Projected 965 Income – Expect Increased IRS Audit of Forms 5471
According to Law360, although taxpayers have already calculated and reported their Section 965 deemed repatriation tax, Section 965 will have a continuing impact. Taxpayers are well advised to review their approach to estimated taxes. The IRS refuses to issue refunds of overpaid income taxes to taxpayers who elected to pay Section 965 taxes in…
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