Impact of the HIRE Act on Non-Financial Foreign Entities And the U.S. Entities With Which They Do Business
Daily Tax Report: Impact of the HIRE Act on Non-Financial Foreign Entities and the U.S. Entities with Which They Do Business.
Shawn P. McKenna, Deloitte Tax LLP, latest article in the September issue of Daily Tax Report offers a comparison between two classes of foreign entities –foreign financial institutions (FFIs) and non-financial foreign entities (NFFEs) as prescribed by the newly announced new Chapter 4 of the Hiring Incentive to Restore Employment (HIRE) Act signed into law on March 18, 2010.
This piece discusses in detail the:
- Overview of Chapter 4
- Non-Financial Foreign Entities
- Details of Withholding
- Withholding Agent
- Income Subject to Withholding