AICPA Urges Congress to Restore Nonresident Alien Provision to H.R. 2206 

    Published May 24, 2007

    In a letter to congressional tax writers, the AICPA has asked that a provision from an earlier version of the small business tax package component of the Iraq war supplemental spending bill be restored so that nonresident alien individuals will be allowed to be “potential current beneficiaries” of electing small business trusts, which are permitted shareholders of S corporations. Allowing such individuals to hold these contingent interests is a step in the right direction towards recognition of the global trading environment in which our domestic entities compete.

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