Foundation Need Not Withhold U.S. Tax on Grant to Foreign Nonprofit
Author: Staff Editors.
Source: Volume 05, Number 01, November/December 2005 , pp.7-7(1)
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Abstract:
In PLR 200529004, the IRS clarified a point that has been a concern for some time among foundations engaged in international grantmaking. The tax withholding rules for various kinds of foreign payments, including grants, were amended in 2001 and as a result, family foundation were generally considered potentially responsible for withholding taxes on some grants, scholarships, and prizes paid to foreign organizations and non-U.S. citizens.Keywords:
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