Planning Notes - August 27, 2010 - IRS Issues Notice 2010-60 Clarifying Number of Issues Related to "HIRE" Act of 2010


Today, the IRS issued Notice 2010-60 related to the March 18, 2010 Hiring Incentives to Restore Employment (“HIRE”) Act of 2010. The HIRE Act imposed substantial reporting and withholding obligations on non-US financial institutions and certain other non-US entities in an effort to locate US account holders who are evading their US tax obligations.

The new Notice is intended to clarify a number of issues that have arisen in relation to reporting and withholding requirements for non-US financial institutions and other non-US entities. Highlights of the Notice are as follows...

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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