Withholding Income of Foreigners
Congress is serious about collecting information about, and taxes from, non-U.S. persons who earn U.S. income. The applicable law is the Foreign Account Tax Compliance Act, or FATCA, which has new provisions as of 2014. The purpose of FATCA is to ensure that withholding agents –foreign financial institutions and non-financial foreign entities — collect and […]
Reporting Cash Tips
If it weren’t for cash tips, many restaurant and bar employees would have trouble making ends meet. As for any other type of income, the Internal Revenue Service wants its cut. This means that all employees who receive $20 or more a month in tips must report all of the tip money to their employers. […]
