US-Mexico-Canada Agreement to replace NAFTA
The proposed USMCA covers new areas such as labor, the environment, anti-corruption, and regulatory policy, among others
Treaties
Researchers and scholars claim tax treaty benefits
Three recent cases provide tips to decide if it’s worth the time and effort to appeal to the Tax Court.
Failure to abandon U.S. residency leads to tax liability
A German citizen’s failure to establish that he was a resident of Germany meant he was a “covered expatriate” liable for tax on stock sale gains.
Tax treaty benefits for U.S. citizens and residents
Treaties may have exceptions to saving clauses that benefit U.S. persons in terms of their U.S. income taxes.
How inbound real estate investors are treated under the Tax Cuts and Jobs Act
This column discusses the portions of the act likely to affect the typical inbound real estate investment structure.
Treaty benefits on FDAP income derived by hybrid entities
This item discusses treaty benefit limitations on U.S.-source FDAP income with respect to hybrid entities and procedural requirements of obtaining treaty benefits.
The Authorized OECD Approach to a U.S. Permanent Establishment
This item provides an overview of applying U.S. domestic tax law and a U.S. income tax treaty to a foreign corporation.
Tax Court Needs to Do More Work in Interpreting Totalization Agreement
The meaning of the terms “amend” or “supplement” must be determined in light of the full text of a social security totalization agreement and the shared expectations of the contracting governments.
The Evolution of U.S. Reporting Requirements for Canadian Retirement Accounts
This item explains the evolution of the IRS reporting requirements for Canadian registered retirement savings plans and registered retirement income funds.
Foreign-Owned Disregarded Entities Would Be Required to Report
U.S. disregarded entities owned by foreign persons would be treated as domestic corporations under regulations proposed by the IRS.
Prop. Regs. Would Impose Reporting Requirements on Foreign-Owned Disregarded Entities
Foreign-owned disregarded entities, such as LLCs, would be required to report transactions with their owner and keep records under rules proposed by the Internal Revenue Service.
Anti-Tax Avoidance Directives Issued by European Commission
The European Commission issued two proposed directives regarding international taxation.
German Who Gave Up U.S. Residency Liable for Exit Tax
A taxpayer had expatriated in November 2010 when he surrendered his legal permanent resident status and therefore was subject to Sec. 877A.
IRS Issues Updated Guidance on Requesting and Obtaining an APA
The IRS has issued updated guidance on requesting and obtaining an advance pricing agreement, modifying somewhat its proposed revenue procedure published in Notice 2013-79.
Revised Procedures for Obtaining Assistance From U.S. Competent Authority, Including Discretionary Relief
The IRS published guidance on the process of requesting and obtaining assistance under U.S. tax treaties from the U.S. competent authority.
Totalization Agreements: Taking Exception to Social Security
A totalization agreement is intended to eliminate dual social taxation and to provide additional benefit protection for workers who have worked in both the United States and another country.
U.S.-Switzerland Protocol Will Allow Handover of UBS Account Holder Information
The United States and Switzerland announced a new protocol to allow the Swiss government to provide information to the IRS on U.S. account holders of Swiss bank UBS.
IRS Provides Guidance on Deemed Dispositions by Canadian Emigrants
The IRS has issued guidance for individuals who emigrate from Canada and wish to make an election under the U.S.-Canada income tax treaty regarding Canadian departure tax (Rev. Proc. 2010-19).
Tax Treaty Net Basis Elections
Tax treaties may offer special elections that recharacterize certain types of FDAP income that would otherwise be subject to withholding tax as effectively connected and thus taxable on a net basis at U.S. graduated rates.
Selected Provisions of the Fifth Protocol to the U.S.-Canada Income Tax Treaty
In 2007, the United States and Canada signed the Fifth Protocol to the 1980 U.S.-Canada Income Tax Treaty. The changes to the treaty resulting from this new protocol are numerous and are quite significant for cross-border business
