Treasury Provides Additional Qualified Opportunity Zone Guidance
On April 17, 2019, United States Department of Treasury (“Treasury”) released the highly anticipated second round of proposed regulations pertaining to Qualified Opportunity Zones (the “Proposed Regulations”). While still leaving certain questions open, the Proposed Regulations provide much needed guidance and clarity on a number of major outstanding questions. The Proposed Regulations cover a wide …
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U.S. Residency – Overview and Procedures
The general rule is that only U.S. Persons are subject to tax on their worldwide income on their respective Form 1040. Non-U.S. Persons, in contrast, are only subject to tax on their U.S. source income, and file Form 1040NR. Let us review the distinction and thresholds that determine whether someone is considered a U.S. Person, …