With the 2018 tax season deadline coming and going on October 15, 2019 taxpayers who reside outside the US may apply for a discretionary additional two month extension to December 16, 2019 under IRC §6081(a) and Regulations §1.6081-1(a). Taxpayers who requested the six-month filing extension should complete their tax returns and file on or before […]
Today June 17 is the automatic deadline if you resident outside the US—the IRS reminds taxpayers that if they reside outside the US they have until June 17, 2019 this tax season to file their US tax returns. But if they cannot meet this deadline they can request an extension of time until October 15, […]
IRS reminds taxpayers of the Form 114 FBAR, Form 8938 Statement of Specified Foreign Financial Asset filing deadlines, not to worry as these are generally extended beyond April or June 2019 all the way to October 15, 2019. Also of mention is the now defunct OVDP program and Streamlined. The Internal Revenue Service today reminded […]
IRS reminds us that we have until April 15 of this 2019 tax year to make a $5,500 (with catchup for age 50 to $6,500) IRA contributions- Traditional or ROTH IRA for the 2018 tax year, don’t be late!! The Internal Revenue Service reminded taxpayers today that it’s not too late to contribute to an […]
IRS explains how the December 22, 2017 TCJA 2017 dropped the backup withholding tax rate from 28% to 24%, backup withholding occurs when the payer does not have the taxpayers correct ITIN or SSN, or fail to certify that they are not subject to backup withholding. The IRS urges taxpayers who make payments or receive […]
The Tax Cuts and Jobs Act (TCJA), also called the 2018 tax reform, is the most drastic change to the Internal Revenue Code in over 30 years. When it comes to expats, most of the key changes brought on by TCJA have little or no effect given that the chief expat benefits like the foreign earned
IRS explained the changes to the Child Tax Credit that will now apply to many more US filers as a result of the TCJA 2017 legislation as it pertains to individuals filers. Many people claim the child tax credit to help offset the cost of raising children. Tax reform legislation enacted last year made changes […]
An excellent synopsis of the major TCJA 2017 legislation affecting Individuals for the upcoming 2018 (performed in 2019) tax season, as well as some expired adjustments that congress never extended. Terrific read. Return preparers must be ready for how the Tax Cuts and Jobs Act has modified many common features of individual and business returns. […]
IRS announces that as a result of the major legislative changes as a result of the TCJA of 2017 it is modifying the safe harbor test for the estimated tax penalty calculated on Form 2210 for any taxpayer who paid at least 85 percent (versus the current rule of 90%) of their total tax liability […]
IRS announces the opening of the 2019 tax season (the 2018 tax return year) opening during the ongoing limited government shutdown….the recalling of a significant portion of its staff and its statutory authority to issue refunds despite the limited shutdown. The deadline this year is Monday, April 15, 20019 for most taxpayers. The IRS announced […]
