International Tax News

FAQ: Claiming Medical Condition or Travel Exceptions to the Substantial Presence Test

FAQs on Claiming Medical Condition or Travel Exceptions to the Substantial Presence Test The IRS recently issued frequently asked questions (FAQs) for nonresident aliens who wish to avail themselves of the Medical Condition Exception or the Medical Condition Travel Exception to the substantial presence test. This is the test under which nonresident aliens are taxed…

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Countries with 2020 Nonresident Alien Interest Reporting Requirements

Countries with 2020 Nonresident Alien Interest Reporting Requirements In Revenue Procedure 2020-15, the IRS recently updated two lists of countries with which the United States has in effect an agreement that requires payors to report certain deposit interest paid to nonresident alien individuals who are residents of the other country. One list is of countries…

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Have You Done Business in a Foreign Country Because of COVID-19?

Have You Done Business in a Foreign Country Because of COVID-19? The COVID-19 pandemic has significantly limited the ability of many people to travel freely and, in some cases, return to the United States. In Revenue Procedure 2020-30, the IRS recently provided relief to U.S. persons who temporarily did business in foreign countries because of…

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FATCA Reporting Deadline Extended

IRS Extends FATCA Reporting Deadline to July 15 Because of the ongoing novel coronavirus (COVID-19) crisis, the IRS has granted an extension to file Form 8966, “FATCA Report,” for Reporting Model 2 Financial Institutions and Participating Foreign Financial Institutions. Here are some key details. Background on Filing The Foreign Account Tax Compliance Act (FATCA) requires…

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Foreign Exclusion Residency/Presence Tests Waived

Residency/Presence Tests for Foreign Exclusions Waived Because of Pandemic In response to the novel coronavirus (COVID-19) pandemic, the IRS has waived the residency and presence tests that apply for purposes of the 2019 and 2020 foreign earned income and foreign housing cost exclusions under Internal Revenue Code Section 911. The waiver generally applies to certain…

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