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Non-Resident Aliens Traveling from U.S. During COVID-19 Emergency Period Should Consider Relief in IRS Rev. Proc. 2020-20

ByJustin Hughes - JD, CPA, LLM

Overview of IRS Rev. Proc. 2020-20 Rev. Proc. 2020-20 (link) provides certain qualifying non-resident aliens some administrative relief for certain extended stays in the U.S. caused by travel disruptions arising during the COV-19 pandemic. As discussed below, if the individual meets the revenue procedure’s criteria, then the individual may exclude up to 60 days from…

IRS Memo Explains that Not All LLCs Are Exempt from Section 6041

IRS Memo Explains that Not All LLCs Are Exempt from Section 6041

ByJustin Hughes - JD, CPA, LLM

Brief Background All persons engaged in a trade or business who, in the course of that trade or business, make payments of $600 or more to another person are required to report the payments to the IRS under section 6041 (e.g., Form 1099-MISC). [1] There are, however, exemptions under Treasury regulations.[2] Notably, returns of information…