The US government extended the filing and payment of all individual tax returns to July 15th, 2020. Estimated taxes that were due in April and will be due in June are also extended to the July 15th deadline. Penalties and interest will be waived on all individual tax payments that were due from February 15 thru July 15. If you haven’t already, now is the time to file your U.S. taxes. We specialize in U.S. expats tax returns. Contact us to make sure your taxes are filed correctly.
For Expats getting the Covid-19 stimulus payment from the US government can be a complicated process:
- You must have a US social security number. Using an ITIN disqualifies you from the program. Including taxpayers, spouses and dependents.
- Direct deposits are only available to US bank accounts. Some clients who do not have a US bank account are using accounts of family and friends for this purpose. If you filed your 2018 tax return without your US bank account number, file 2019 as soon as possible requesting that your refund or payment due is applied to your US bank account.
- If your last return shows no tax due or refund, you must you the IRS portal “Where’s My Payment” to notify the IRS of your US bank account for direct deposit purposes. Foreign addresses and bank accounts cannot be used.
- If you only have a foreign address and/or bank account, the IRS will mail the check to your last known address per your 2018 or 2019 tax return. Hopefully your local post office is processing your mail. If you do not receive the payment, you may be able to have the credit processed on your 2020 tax return. The jury is still out on that process.
If you are an expat in need of tax filing, contact Expatriate Tax Returns for help.
The U.S. Treasury Department and the IRS are providing special PAYMENT RELIEF to individuals, trusts, businesses and estates, in response to the novel Coronavirus pandemic for those who filed for an extension on or before April 15th, 2020. All income tax payments (including self-employment tax) are extended to July 15, 2020 without penalty or interest assessments if you filed for an extension by the April 15th deadline. If you are a U.S. expat filing late, you do not qualify for payment relief but you still need to file per U.S. law. Contact Expatriate Tax Returns for help to get started.
A Letter from our Managing Member, Diane Siriani
Hello to all of our clients, friends and associates. All of us at ExpatriateTaxReturns.com and EtaxService.com LLC sincerely hope and pray that all of you are safe and of good health. This pandemic has touched every single one of us in a way no one would ever believe. Every continent, every country, every city, every individual in the world has been affected…this virus knows no boundry.
As you know, the US government has extended the filing of all individual tax returns to July 15. Estimated taxes that were due in April and will be due in June are also extended to the July 15 due date. Penalties and interest will be waived on all individual tax payments that were due from February 15 thru July 15.
The stimulus payments in the form of a refundable tax credit have begun to be directly deposited into US bank accounts. As of this writing, the IRS portal system that was supposed to be available to individuals to submit their US bank account number, is still not 100% operational. Hopefully this situation will be corrected soon, so that your payment can be deposited rather than waiting for a check mailed to your last known address. We have sincerely tried to keep up with your questions and give you assistance whenever possible, but this portal situation has made servicing our clients very difficult. We are truly sorry for the inconvenience, but it is out of our hands.
Originally I was told by the AICPA that the foreign income exclusion would effect foreign taxpayers in their calculation of their adjusted gross income. As of today, this issue still has not been clarified so we, like you, will see what happens. So far the stimulus rules are silent on this matter.
Our goal during these trying times has been to keep you informed of updates and changes as they occur. We hope you feel that we have accomplished that goal. As each day passes, hopefully we will continue to see a transition to a new normal and feel some relief of the stress and strain we have all suffered over the last several months.
May you and your family continue to stay safe and healthy.
Diane Siriani, CPA
Managing Member, EtaxService.com LLC & ExpatriateTaxReturns.com
Globalization is defined as “the process by which businesses or other organizations develop international influence or start operating on an international scale.” Globalization has made the borders between countries virtually disappear, causing the world to feel like a much smaller place. This undoubtedly has contributed to a rise in workers choosing to move abroad and become expatriates.
The vast increase in expatriates, however, hasn’t led to it being any easier to become an expat. In addition to the typical demands placed on you as you plan to relocate to a foreign country, there is a host of challenging decisions to make and financial responsibilities.
United States tax laws have long been a burden on American expats. For this reason, Expatriate Tax Returns was launched. Our team of CPAs recognized that focusing on expatriate tax returns was necessary as this had quickly become its own field of accounting. Expat taxes are confusing and preparing them is a frustration that expatriates do not want to have to burden amidst the many other challenges facing them as expatriates.
With the growth of globalization has come the surge in technological advances. While this technological innovation has made so many things easier (like finding our company on the web!), it hasn’t caused expatriate tax return filing to be any easier or less of a hassle. Americans living abroad must file their United States tax returns in an exacting way and this can be terribly complicated (especially for a new American expat). To make this process easier and to save you precious time, the tax experts at Expatriate Tax Returns are here to handle that responsibility on your behalf.
Contact our team of expat CPAs today and then you can trust us to take care of everything. Simply fill out the form on our homepage or call us at 877-382-9123 and we’ll get the process started for you. We have your best interests in mind. The world may be getting smaller and becoming an expat may be more common, but expatriate tax returns will always be a reality.
Now is the time of year that many big corporations are discussing HR changes for the fall. If you’re involved in these discussions, you could soon be contemplating a big move overseas.
If you plan to move abroad this year, it will be an exciting and challenging time. There are many factors to consider like what your spouse will do overseas and where your kids will go to school. There are also a plethora of opportunities and experiences to look forward to as an American expatriate. After accepting a new job overseas or a job transfer to a country outside the United States, it’s important to create a long “To Do List” with critical items like finding a place to live, forwarding mail, and finding a physician in your new country. Selecting a trustworthy and dependable CPA firm with experience working with expats is also essential.
Expatriate Tax Returns has many years of tax planning and preparation experience, specifically for expats. We put that knowledge to work for you — our clients. It’s critical to inform the Internal Revenue Service (IRS) that you are moving abroad and to call our accounting team to make sure you’re prepared before you make the big move.
A few things to remember before you become an expat: update your contact information with the IRS so they can properly send your refund or any future correspondence. You can update your address with the IRS by completing Form 8822, Change of Address at any time during the year. Failure to notify the IRS of an address change can be costly. For example, it can keep you from contesting a lien for unpaid taxes. At Expatriate Tax Returns, we understand that planning for the big move abroad is challenging and there are already so many things to think about. We can help you alleviate the stress by walking you through this journey hand-in-hand. We’ve helped thousands of U.S. expatriates successfully transition to their new country and we’ll help you too.
No matter where you are in the process of your preparation for becoming an expat, call us for trusted, professional assistance. There are some many wonderful advantages to being an expatriate, but it’s also a time full of important decisions to make. Here’s an easy one: Call ExpatriateTaxReturns.com today at 877-382-9123 or fill out the form on our Website. We’ll be with you every step of the way.