IRS Adds Iraq to Boycotting Countries List
The U.S. Treasury added Iraq to its list of “boycotting countries,” countries participating in boycotts that are not sanctioned by the U.S. government. From Bryan Cave’s Stanley Marcuss and George Murphy:
“The U.S. Treasury Department has added Iraq to its list of boycotting countries for purposes of section 999 of the Internal Revenue Code. It did so without explanation… U.S. taxpayers, having operations in or related to Iraq, will now have to include such operations in their annual Form 5713 reports and be alert to the receipt of requests to enter into boycott-related agreements that would be penalized under the Internal Revenue Code. Included as penalizable agreements, for example, would be unqualified agreements to comply with Iraqi law.”
Read the update, Iraq Added to U.S. Treasury’s List of Boycotting Countries - Bryan Cave»
