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Expatriate Tax Returns

American Expats

Recovering from Identity Theft

Identity theft can be prevented in many ways, but if you are a victim, there are a few ways to recover your information and ease the financial burden. Once you discover that your identity has been stolen, contact your local law enforcement, freeze your credit, and place a fraud alert on all accounts. Once all necessary parties have been contacted, review your credit and debit charges for anything fraudulent and report them to your financial institutions. Work to handle your disputes as quickly as possible to recover any changes to your credit score. Next, change login information on all websites that contain your personal information. Protecting your data is essential, and identity theft is likely to occur through an internet security breach. Stay on top of your credit reports and banking information for the next few months after the theft occurs. You will want to contact the credit bureaus and banks to ensure all fraudulent charges have been removed and any new accounts will be rejected as fraud.

Gig Economy Income

The IRS recently sent a news release reminding taxpayers that all income must be reported, including such from the gig economy. The gig economy is where workers earn money from on-demand roles, services, or goods.
Gig economy jobs include grocery delivery, creative or professional services, or transportation.
Taxpayers may find that jobs in the gig economy provide more flexibility, allow for additional pay, and provide a better work-life balance. In the last few years, these types of roles have become more common, although the process of declaring the income may be confusing.
These jobs are often short-term and can be performed via an app or website. Employers from these roles will issue a  Form 1099-K or 1099-MISC. This income must be noted on your tax return. Provide all income to our tax professionals, and we will ensure that it is correctly recorded and submitted as required by the IRS.

Protect Your Information Online

The IRS urges everyone to dedicate time to securing and storing their personal information to avoid becoming a victim of cybersecurity scams. As Tax Day approaches, many of us are sending and storing information on our personal computers or other devices. 
We ensure that any information sent to Expatriate Tax Services is stored safely and securely. Before the data reaches us, it is imperative to review the safeguards you have in place.
Passwords: Be sure to use unique passwords across all your online profiles. Use special characters or numbers to make your password more complex.
Be Aware of Phishing Scams: Pay attention to the emails you receive. The IRS notes that it will never contact its customers via email. Review any email to ensure that the email address is attached to a real domain. Delete any potential scams immediately and do not respond.
Utilize Anti-Virus Software: Be sure your personal computer is equipped with an anti-virus program. These programs scan your device for potential threats and keep your personal information secure.
Expatriate Tax Services stays up to date with security measures and requirements provided by the IRS. You can trust us with your personal information. 

Child Tax Credit

Earlier this year, Congress approved the Child Tax Credit (CTC) to assist millions of families who have been financially affected by the pandemic.
As of September 15th, those who qualify for the CTC can expect to receive their September payment. Those who have requested paper checks should allow for a few more days, although some recipients have reported delays. The payment is the third installment of the CTC, and additional payments are scheduled for October and November.
Those who qualify will receive $300 for each child under age 6 and $250 for those ages 6 to 17.
If you think you may qualify but have not yet signed up, it is not too late. If you have not filed a 2020 tax return or are not required to do so, you may use IRS.gov to sign up. Visit the Child Tax Credit Update Portal for additional information.  (https://www.irs.gov/credits-deductions/child-tax-credit-update-portal)
Users can utilize the portal to view payments, update mailing addresses, unenroll from the payments, and locate all information related to the Child Tax Credit.

U.S. Expats Renounce Citizenship Faster Than Ever

Expatriate Tax Returns U.S. Citizenship

In the past, the U.S. has lost on average 1000 citizens per year, but 2020 is on track to be the year with the highest number of Americans who relinquish their citizenship. Almost 6000 Americans have already renounced their citizenship this year. The leading cause is the pandemic, as people question their connection with the U.S., many have chosen to cut ties. Some U.S. embassies have stopped in-person appointments to cancel citizenship. This is just another way that COVID-19 has impacted the entire world.

If you are a U.S. citizen, Expatriate Tax Returns is here to make your tax filing easy! We can be reached by phone or by using the flexibility offered by the internet. We continue to service U.S. citizens located anywhere in the world…safely, quickly, efficiently and professionally. Get in touch with our experts today!