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Paying Interest to the IRS When They Could be Paying it to you?
$3.3 billion – the amount of refund interest the IRS paid to taxpayers in the fiscal year 2021. Did you know that, by law, the IRS must pay you interest on your tax refund if it takes them longer than 45 days to process it? As of June 21, 2022, the IRS had more than twice as…
Fifth Circuit Reverses Tax Court on Limited Partner Self-Employment Tax in Sirius Solutions
A recent Fifth Circuit decision has put the partnership tax world on alert. In Sirius Solutions, the Fifth Circuit reversed a previous Tax Court ruling regarding the limited partner exception to self-employment tax. The court rejected the Tax Court’s earlier approach and sided with the IRS. This case addressed a specific question: can individual partners…
Time to Think Taxes
If you are a U.S. expat living abroad, April 15th is the deadline for filing your Foreign Bank Account Reports (FBAR). Our tax experts understand the changing U.S. tax laws and how it relates and affects American expats. Let us take the anxiety and stress out of taxes, so you can rest assured that they…
How to Save More on Your Taxes
There are several ways that you can save money when filing your taxes depending on your individual circumstances. These include the Foreign Earned Income Exclusion, Foreign Tax Credit, and Foreign Housing Exclusion. The FEIE reduces your income by paying housing expenses. If you qualify and file on time, you can save big on your taxes. Most…
How to Correct a Tax Return After Filing
What If You Find a Mistake After Filing Your Taxes? Finding an error after you file your tax return can feel incredibly stressful. However, you can easily correct these mistakes. Whether you forgot to report some income, missed a valuable credit, or used the wrong filing status, the IRS provides a clear path forward. You…
Do Expats Need to File a State Tax Return?
Each state has its own tax laws and requirements for expat tax filing. If you are unsure whether or not you need to file for your state, contact Expatriate Tax Returns. Our professionals are here to help you through the process and make tax filing easy.
