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Net Investment Income Tax and US Territories – Take Two

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August 13, 2014
Net Investment Income Tax and US Territories – Take Two

Not long ago I pointed out here that apparently there is significant confusion regarding the applicability of the NIIT to residents of the U.S. Virgin Islands and Puerto Rico. There I discussed that there is conflicting information coming from BIR and Treasury and that LPs ought to talk to their CPAs right away. Apparently,...
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Is a Failure to File an FBAR Covered under the Tax Indemnity in a Stock Purchase Agreement?

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July 11, 2014
Is a Failure to File an FBAR Covered under the Tax Indemnity in a Stock Purchase Agreement?

My job as a lawyer is to worry about the client’s finances and think of various scenarios that could cost my clients. One worry that has occupied my mind in the past has to do with FBARs and Stock Purchase Agreements. Imagine you are a private equity fund and you purchase a later stage private...
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W-8BEN-E Instructions are Released – Tax Policy Meets Reality

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June 26, 2014
W-8BEN-E Instructions are Released – Tax Policy Meets Reality

In my last post regarding W-8BEN-E, I observed that some foreign businesses were in a predicament because withholding agents started asking for the form but there were no instructions. I asked ”for how long” will this continue and the IRS answered – until June 24th.  Aside any jokes that the IRS is actually taking queue from...
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CCA 201423019 – a Bona Fide Section 475(f) Election Nightmare

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June 11, 2014
CCA 201423019 – a Bona Fide Section 475(f) Election Nightmare

This CCA was released by the IRS a few days ago. Two things caught my eye here. First it dealt with agency issues, something that any offshore trader or lender fund ought to be interested in, and two, it dealt with what appears to be a belated 475(f) election. The facts are not overly...
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W-8BEN-E in No-Man Land Until….When?

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June 4, 2014
W-8BEN-E in No-Man Land Until….When?

On this blog I’ve voiced my skepticism about FATCA, both as a policy rationale and as a logistical undertaking. Recently I started observing the effects of something I can only describe as a blunder on part of the U.S. taxing authorities. So, W-8BEN-E is out for a few months now. Many people waited eagerly...
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