WITHHOLDING AGENT SERVICES UNDER THE FOREIGN INVESTMENTS IN REAL PROPERTY TAX ACT OF 1980 (FIRPTA)
Lori B. Miller, P.C. acts as FIRPTA withholding agent.
FIRPTA requires withholding on the sale of US real property by a nonresident alien.
If the withholding obligation exceeds actual tax amounts owed by the seller the seller can apply to the IRS for a withholding certificate, which is a determination that the withholding obligation exceeds the actual tax owed, and the withholding should be reduced or eliminated.
We act as withholding agent, prepare the necessary withholding reports, and remit the reports and the withheld funds to the IRS. We can assist with the application to reduce or eliminate withholding, or an application for an early refund.
We are a certifying acceptance agent, and can also assist with applications for individual taxpayer identification numbers (ITINs).
We serve as corporate counsel and business advisers in connection with the following:
Business Formation Tax planning to select the business form that will best protect your assets, and the entity that will provide the greatest financial and tax advantages for your business. Some of the entities that we form include: C corporations, S corporations, limited liability companies, professional corporations, and limited liability partnerships.
Business Agreements Drafting tailored business agreements that meet the unique needs of each individual client, such as complex operating agreements for limited liability companies, corporate buy sell agreements, leases, employment agreements, and employee manuals.
Tax Exempt Organizations Formation of tax exempt entities and applications for tax exempt status for public charities, mutual benefit corporations, and private foundations. We also counsel exempt organizations with respect to maintenance of their exempt status, unrelated trade or business income tax issues, and compliance with state and federal tax laws.
We help individual clients develop effective estate plans to facilitate distribution of assets and minimize or eliminate taxes As part of our estate planning practice, we design and use irrevocable life insurance trusts, family limited partnerships, limited liability companies, testamentary trusts, inter vivos trust, supplemental needs trusts, wills, and other estate planning documents that meet the client’s specific needs.