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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
  • Reporting
  • Withholding Agent
  • Income Subject to Withholding


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