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.
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