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2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
VIEWpoint Issue 2 | 2022
The Internal Revenue Service (IRS) Large Business & International (LB&I) division recently updated its active list of compliance campaigns with four new campaigns. Two of these campaigns may impact international taxpayers, so it is imperative to become familiar with them if you conduct business outside of the United States.
1. Allocation of Success-Based Fees
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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