Archive - August 2014
Net Investment Income Tax and US Territories – Take Two August 13, 2014
Not long ago we pointed out here that apparently there is significant confusion regarding the applicability of the NIIT to residents of the U.S. Virgin Islands and Puerto Rico. There we discussed that there is conflicting information coming from BIR and Treasury and that LPs ought to talk to their CPAs right away. Apparently, the CPAs are also at a loss because today came out a comment by AICPA asking Treasury once and for all to come out on the record and clarify whether US Virgin Island residents have to pay the tax. Basically, the AICPA very nicely said, please, please Treasury, none of...