The IRS released Boycott Notice, filed with the Federal Register on August 1, 2017. It contains the list of list of countries that require (or that may require) participation in or cooperation with an international boycott not sanctioned by the United States. U.S. taxpayers that have operations in or related to a boycotting country, or with the government, a company, or a national of a boycotting country (and members of a controlled group that has a member with such operations) generally may be required to file Form 5713, International Boycott Report, annually with their U.S. tax return. In addition, U.S. taxpayers that derive income in connection with participation in or cooperation with an international boycott generally are subject to special tax rules, including rules that may reduce their foreign tax credits. The list of countries includes:
United Arab Emirates
If you or your client is doing business in any of these countries, and you have questions concerning your rights and tax responsibilities, please contact the Wilson Tax Law Group, APLC at 949.397.2292. Our law firm, comprised exclusively of former IRS, former Department of Justice, and former Franchise Tax Board tax attorneys, is experienced and trained to handle the most sophisticated and delicate domestic, international tax, and compliance related issues.