IRS Real Estate Push Should Wake Up Foreign Investors

Law360 (October 16, 2020, 6:59 PM EDT) -- In September and October, the Internal Revenue Service's Large Business and International Division announced two campaigns aimed at tax compliance by nonresident aliens in connection with U.S. real property interests. A nonresident alien is a noncitizen who is not considered a U.S. resident for tax purposes.

In 2017, the division announced a new audit strategy known as campaigns that focused on issue-based rather than entity-based examinations, and focusing on those issues that present a significant risk of noncompliance. The objective is to improve return selection through identifying issues representing a risk of noncompliance and making the greatest use of the IRS'...

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