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Unintended consequences of foreign branch reporting By Ioana Lacatusu, CPA, MBA, Dallas, and Jerry Seade, J.D., LL.M., Houston Related In December 2018, the IRS issued revised instructions to Form 8858, Information Return of U.S. Persons With Respect to Foreign Disregarded Entities (FDEs) and Foreign Branches (FBs), which expanded the requirement to file this form to include the reporting of foreign branch operations of U.S. persons, controlled foreign corporations (CFCs), and controlled foreign partnerships. Previously, this requirement had applied only with respect to foreign disregar...

To embed, copy and paste the code into your website or blog: The list of Internal Revenue Service (IRS) forms that can be digitally signed continues to grow. On August 28, 2020, the IRS issued a memorandum indicating that it would accept the use of digital signatures on various IRS forms because of the restrictions involved with the COVID-19 pandemic. In September 2020, it announced the addition of several more forms. Then, on April 15, 2021, the IRS announced it is extending the authorization to a large number of IRS forms until December 31, 2021. The IRS has not specified which digital sign...

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Rudy Mezzetta The federal government is proposing to eliminate written signatures on a number of key tax forms and to allow the Canada Revenue Agency (CRA) to automatically issue electronic copies of the notice of assessment when returns are filed electronically.  These as well as other tax administration measures proposed in the federal budget tabled on Monday are meant “to improve the CRA’s ability to operate digitally, resulting in faster, more convenient and accurate service, while also enhancing security,” the government indicated.  The federal government proposed to eliminat...

February 10, 2021 The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 17-2021 dated Jan. 26, 2021 to inform all concerned taxpayers that the deadline of filing and submission of the following returns and attachments are extended from Jan. 31, 2021 to Feb. 28, 2021: Annual Information Return of Income Taxes Withheld on Compensation (BIR Form 1604-C) and Annual Alphabetical List of Employees/Payees from Whom Taxes Were Withheld (Alphalist) for the year 2020; Annual Information Return of Income Payments Subjected to Final Withholding Taxes (BIR Form 160...