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IRS should provide an alternative approach to a withholding regime for exchange-traded single stock futures under rules (T.D. 9572, REG-120282-10) on tax code Section 871(m), a witness says at an IRS hearing April 27. The hearing comes as many in the financial industry are asking IRS to limit the reach of the rules, intended to stop foreign taxpayers from using equity swaps and other financial arrangements to avoid U.S. withholding tax on U.S.-source dividends. IRS should stand firm against efforts to weaken or delay implementation of temporary, proposed rules that require taxes to be withheld on payments of “dividend equivalents” paid to nonresident aliens and foreign corporations, Sen. Levin says in a letter to IRS.
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