New Disclosure Requirements for US LLCs and other Business Entities owned by Non-US Persons

International Business Limited Liability Companies US Taxation US Taxes for Non-Residents

On 13 December 2016, the Department of Treasury and Internal Revenue Service (“IRS”) issued final regulations creating reporting and record keeping requirements for US disregarded entities owned by non-US person. A disregarded entity is any entity with a single owner and is disregarded from its owner for US tax purposes.  The IRS realized that US…

Details

IRS Proposes Changes to Reporting Requirements for Foreign Owned US Disregarded Entities

Limited Liability Companies US TAX SURPRISES AND REPORTING REQUIREMENTS SERIES US Taxation

Internal Revenue Bulletin 2016-21, issued May 23, 2016, by the Internal Revenue Service (IRS) and Treasury Department included a notice of proposed rulemaking altering the reporting requirements for US disregarded entities owned by non-US persons or entities. A US disregarded entity is an entity with a single owner that is not treated as separate from…

Details