- The Protecting Americans from Tax Hikes (PATH) Act of 2015 signed into law on Dec. 18, 2015 included significant changes to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA)
- The Canada Revenue Agency released Form RC473, Application for Non-Resident Employer Certification, which should help alleviate Regulation 102 compliance issues for nonresident employees.
- Recently, President Obama approved legislation that authorizes the State Department to take action against the US passport of a person who has a seriously delinquent tax debt as certified by the IRS.
- Life sciences start-up companies face many tax-related issues. The items noted below are not all-inclusive, and not all companies will face all of these issues or opportunities. However, even in years when companies incur no tax liability because of operating losses, proper planning is important to maximize the future benefits of current investments. These issues are not unique to life sciences start-up companies, but in combination, they are not commonly incurred in other industries. Ignoring the future benefit of considering these opportunities may have significant impact on future cash flows of the company during a time that cash should be utilized for expansion and growth.
- The IRS issued proposed regulations (REG-109822-15) that would require annual country-by-country (CbC) reporting by large US multinational enterprises (MNE).
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