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Expatriate Tax Returns

Tax Filing

Storing Tax Related Documents

Keeping your tax-related documents is extremely important in the digital age. If you are storing your tax documentation on a computer, be sure that the computer itself is protected. Use lengthy and unique passwords and restrict access to only those necessary. We recommend changing your passwords frequently for maximum security. Additionally, consider keeping the information on an external hard drive should your computer crash. When access your tax files or filing your taxes, be sure you are doing so over a secure network. Avoid using public wi-fi as those around you may be able to access your information more easily. If you are keeping paper copies of your tax information, ensure they are stored safely and securely. The IRS recommends storing the information under lock and key, and ideally in a waterproof container. The IRS generally recommends keeping your tax return documents for three years. After that time, shred any paper documentation and permanently erase the files from your computer. If you are getting rid of an old computer entirely, ensure that tax and other personal data have been removed. We are constantly working to stay on top of the latest safety and security recommendations, and you can trust that your information is safe in our hands.

Stimulus Package

Expatriate Tax Returns Stimulus Payment

U.S. taxpayers who have a social security number AND filed a tax return in 2018 or 2019 may qualify for refundable tax credits. If you qualify, the maximum credit will be $1200 per taxpayer and $500 for each dependent child reported on your tax return that have a valid social security number. Don’t put off your filing requirement, there will be no payments made after December 31, 2020. If you are behind in filing, we can help. GET STARTED!

U.S. Tax Filing Extension Ends July 15th

Expatriate Tax Returns Time Is Running Out to File

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.

Stimulus Payment Complications for U.S. Expats

Expatriate Tax Returns Stimulus Package Complications

For Expats getting the Covid-19 stimulus payment from the US government can be a complicated process:

 

  1. You must have a US social security number. Using an ITIN disqualifies you from the program. Including taxpayers, spouses and dependents.

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

Expat Tax Filing

Expatriate Tax Returns Expats Extended Tax Payment

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, CPA
Diane Siriani, CPA

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.

Sincerely,
Diane Siriani, CPA
Managing Member, EtaxService.com LLC & ExpatriateTaxReturns.com