I.R.S. Announces Six Compliance Campaigns

The I.R.S. Large Business and International division ("LB&I") recently announced the approval of the following six additional compliance campaigns:

• Interest capitalization for self-constructed assets
• Non-compliance with respect to Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, and Form 3520-A, Annual Information Return of Foreign Trust with U.S. Owner
• Compliance with respect to Form 1042, Annual Withholding Tax Return for U.S.-Source Income of Foreign Persons, and Form 1042-S, Foreign Person's U.S.-Source Income Subject to Withholding
• Nonresident alien tax treaty exemptions
• Nonresident alien "Schedule A" and other deductions