March 5 2020

IRS updates Publication 515 – Withholding of Tax on Non-resident Aliens and Foreign Entities

Source: IBFD Tax Research Platform News

The US Internal Revenue Service (IRS) has released revised Publication 515 (Withholding of Tax on Non-resident Aliens and Foreign Entities). The publication is for use in 2020, and is dated 11 February 2020.

Publication 515 provides guidance for withholding agents who pay income to foreign persons, including non-resident aliens, foreign corporations, foreign partnerships, foreign trusts, foreign estates, foreign governments and international organizations.

The topics discussed in Publication 515 include:

  • the persons responsible for withholding (withholding agents);
  • the types of income subject to withholding;
  • the information return and tax return filing obligations of withholding agents;
  • withholding by a partnership on its income effectively connected with a US trade or business that is allocable to its foreign partners;
  • withholding on transfer or distribution of a US real property interest under the Foreign Investment in Real Property Tax Act (FIRPTA); and
  • how to get tax help from the IRS.

Publication 515 is available on the IRS website at www.irs.gov.