IRS Releases New 8288 Forms for FIRPTA 15% Withholding Rate

February 18, 2016

Effective for closings on or after Feb. 17, title and settlement agents will need to start holding back more proceeds from the sale of property by foreign nationals due to recent changes to the Foreign Investment in Real Property Tax Act (FIRPTA). Title professionals will want to review their FIRPTA procedures before the effective date to ensure they will assist the company in compliance with the law. Read on for more details.The IRS has released new versions of Form 8288 and 8288-B to reflect the increase in the FIRPTA withholding rate and to eliminate confusion over the effective date of the new forms.

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