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Scapegoats: How Foreign Taxpayers’ Credits & Refunds Could Be Limited by Withholding Agents’ Non-Compliance

May 19, 2015 By Heather Ripley

In Notice 2015-10 (the “Notice”), the IRS announced that it and the Treasury will issue regulations to limit credits or refunds for withholding taxes under Chapter 3 (Sections 1441-1443) and Chapter 4 (Sections 1471-1472, aka FATCA) to the amount actually deposited by withholding agents. The hope is that this “deposit limitation” will lessen the Treasury’s financial risk of crediting or refunding more tax, based on Form 1042-S reporting, than it collects or can collect. The Notice previews regulatory amendments to provide that a credit or refund for withheld tax is available only [...]Read more

Filed Under: International - Inbound Tagged With: chapter 3, chapter 4, FATCA, international tax advisory, Notice 2015-10, tax deposits, withholding agent, withholding tax

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