New York real estate attorney Peter Zinkovetsky (https://www.avenuelawfirm.com/firpta-withholding-in-new-york/) of Avenue Law Firm has recently published an in-depth article on ‘FIRPTA Withholding in New York.’ The article discusses the complexities of the Foreign Investment in Real Property Tax Act (FIRPTA) and offers valuable insights for foreign investors in the U.S. real estate market.
“Understanding FIRPTA is essential for foreign investors in the U.S. real estate market,” says New York real estate attorney Peter Zinkovetsky. “Non-compliance with FIRPTA can result in severe penalties, so it’s crucial to consult with an experienced attorney to ensure compliance and minimize tax obligations.”
In the article, the New York real estate attorney provides an overview of FIRPTA and its key provisions, including withholding tax obligations, exceptions and reduced withholding amounts, application for withholding certificates, and reporting and payment obligations. Peter Zinkovetsky also highlights the responsibilities of buyers and withholding agents under FIRPTA.
“FIRPTA is a complex legislation that requires thorough understanding and attention to detail,” explains Peter Zinkovetsky. “Buyers and withholding agents should be aware of their responsibilities and work with experienced professionals to navigate the process effectively.”
The article also discusses the application process for the FIRPTA Withholding Certificate, which can reduce or eliminate the required tax withholding under certain circumstances. It emphasizes the importance of submitting the application as early as possible, as the IRS usually takes up to 90 days to process applications and issue withholding certificates.
Non-compliance with FIRPTA can result in severe penalties, such as the “failure to withhold penalty,” which is assessed at a rate of 20% of the required withholding amount. This underscores the importance of working with a skilled New York real estate lawyer to navigate the U.S. real estate tax landscape and FIRPTA regulations.
For foreign investors looking to protect their investments and maximize their profits, Peter Zinkovetsky and the team of experienced New York real estate attorneys at Avenue Law Firm are prepared to offer guidance and professional advice to ensure compliance with tax laws.
To learn more about FIRPTA withholding and how the Avenue Law Firm can assist, schedule a consultation with their team of New York real estate lawyers by calling (212) 729-4090.
About Avenue Law Firm:
Avenue Law Firm is a reputable legal practice in New York, widely experienced in real estate law. The firm’s skilled attorneys are dedicated to providing professional advice and guidance to clients navigating the complexities of the U.S. real estate market, including FIRPTA regulations and other tax laws. With a focus on protecting clients’ investments and maximizing profits, Avenue Law Firm is committed to delivering exceptional legal services that meet the unique needs of each client.
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