In the 2017 Statistics of Income Bulletin, the IRS reported that foreign recipients of U.S. source income from treaty countries had an average withholding rate of 13.9% compared to 25.6% for payments made to residents of non-treaty countries. Absent certain exceptions and/or exemptions, a foreign person, including a foreign entity, is generally subject to tax at a flat 30% rate on U.S.» Read More
Several tax bills passed by Congress late in 2015 changed the deadlines for filing federal income tax returns for partnerships and most limited liability companies, which are treated as partnerships for tax purposes. Other required filings might be affected as well.» Read More
In a decision that again pits the United States against the European Union in that ongoing battle over which entity can primarily tax international business, Margrethe Vestager, the European Union commissioner for competition, ordered Ireland on Tuesday to claw back billions from Apple over illegal tax breaks. » Read More
The New Jersey Division of Taxation has issued a bulletin providing general guidelines for determining whether the activities of a corporation create nexus with New Jersey for the purposes of imposing the corporation business tax.
While India is yet to sign a final agreement with the United States for the Foreign Accounts Tax Compliance Act (FATCA), close to 1,000 Indian financial institutions and their overseas units are believed to have already registered with the United States tax authorities under this new regime. » Read More