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Success-based fees paid in transactions under certain regulations are considered facilitative and are required to be capitalized. This new LB&I campaign’s goal is to ensure taxpayers continue to comply with the current laws.
2. FIRPTA Reporting Compliance for NRAs
The Foreign Investment in Real Property Tax Act (FIRPTA) taxes nonresident aliens (NRAs) on the nature of their U.S. real property interests. The new LB&I campaign intends to enhance FIRPTA voluntary compliance through external education, outreach and issue-based examinations.
Our international tax practice, Moore Doeren Mayhew, further expands on these new campaigns and their effect on international taxpayers in their latest article.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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