The Internal Revenue Service issued final rules April 17 on the reporting requirements for interest on deposits maintained at U.S. offices of certain financial institutions and paid to nonresident aliens. The regulation (T.D. 9584) will affect commercial banks, savings institutions, credit unions, securities brokerages, and insurance companies that pay interest on deposits. The regulation applies…
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About: Ronald Marini
Recent Posts by Ronald Marini
Software Has Enabled The Tax Code's Slide Into Madness
Ecerpts from Forbes It occurs to me that our current insanely complex tax rules are made possible by technology. Yes, computer software makes filing easier (both for professionals and civilians). But that may be the problem. The relative ease of filing, made possible by programs such as Intuit’s TurboTax, also makes it easier for Congress…
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Best International Tax Structure for a U.S. Business
Most foreign countries require a local corporation to run a business. But there is a problem. The IRS denies the foreign tax credit and a deduction of a business loss to the privately owned businesses. Without the foreign tax credit, you will pay tax twice on the same profit. First in the foreign country and…
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IRS Extends Timeline for Streamlined Installment Agreements
Examiners are now authorized to prepare streamlined installment agreements for taxpayers having a tax deficiency of $25,000 or less that can be paid within 72 months, according to the Internal Revenue Service Small Business/Self-Employed Division. Tax deficiencies include tax, penalties, and interest, according to the memorandum (SBSE-04-0412-021). The time frame to pay under a streamlined…
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