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August 5, 2003 - Phil Hodgen

Nonresidents need U.S. tax ID numbers: new Regulations

Effective today, nonresidents who are engaged in a variety of U.S. real estate transactions will need to get a U.S. individual taxpayer identification number.

The IRS issued Final Regulations that require taxpayer identification numbers on withholding tax returns, applications for withholding certificates, and other section 897 and 1445 notices and elections.

Translated? Anytime a nonresident buys, sells, or exchanges U.S. real estate, he or she will need a U.S. identification number.

The process takes 6 – 8 weeks. It is a pain. Start today. Use Form W-7 to apply.... continue reading

Nonresidents with US Activities
July 30, 2003 - admin

U.S. taxpayers with hidden offshore money: the Senate Finance Committee wonders

The IRS had an amnesty program that ended on April 15, 2003. U.S. taxpayers who had money hidden offshore could come clean with reduced penalties and hugs and kisses from the IRS. Yeah, right.

The IRS announced that the Voluntary Compliance Initiative was a stunning success. Over 1,200 people came forward, etc. etc.

Yesterday the Senate Finance Committee co-chairs sent a letter to the IRS saying, “Oh really?” They wonder if the wonders of the Voluntary Compliance Initiative haven’t been oversold.

Yup. Take it from me. I have matters on the table right now for clients who need to come clean in a big way.... continue reading

Tax and Trusts US Real Estate Investments
July 29, 2003 - admin

Divorce, houses, and tax

Speech materials from an in-house seminar I gave at a prominent Los Angeles divorce law firm.
Speeches, Publications, and Events US Real Estate Investments
July 27, 2003 - admin

U.S. tax filing amnesty for nonresidents

Nonresidents of the United States frequently don’t file the U.S. tax returns that they should. Just as frequently, there are no tax liabilities involved — indeed, sometimes filing a tax return secures a tax benefit that would otherwise be lost. And if there is a U.S. tax liability, the problem is huge.

Here’s the default rule. It just goes to prove that we pick on foreigners. 🙂 If you are not a U.S. resident, and you are “too late” in filing a tax return in the U.S., you are taxed on your gross income. You do not get to deduct your business expenses from your income.... continue reading

Foreign Business Activities in the USA US Real Estate Investments