Foreign Earned Income Exclusion: Eligibility, Waiver, and COVID-19

Foreign Earned Income Exclusion: 2019 Perspective and COVID-19

Posted Posted in Latest News

Foreign Earned Income Exclusion: Time Travel Modern day foreign earned income exclusion has its origin in 1926, when Congress enacted its predecessor as part of a strategy to help American businesses expand overseas by incentivizing Americans to work and live abroad.[1] The exclusion is still the best-known, although sometimes misunderstood, tax benefit available exclusively to […]

Expatriate's Perspective on Pandemic Relief

US Expatriate’s Perspective on Pandemic Relief

Posted Posted in Latest News

Background The pandemic of Coronavirus COVID-19 has caused widespread disruptions to essential services, business operations, and everyday lives worldwide as governments around the world implement various degrees of quarantine measures in an attempt to contain the contagion. Recognizing that taxpayers have been adversely affected by the COVID-19 emergency, President Donald Trump first issued an emergency […]

IRS Simplifies Foreign Trust Reporting

IRS Simplifies Foreign Trusts Reporting

Posted Posted in Latest News

Foreign Pensions of US Expats and Inbound Foreign Nationals: IRS Simplifies Reporting Rules For Certain Foreign Trusts But There Is More to Consider   Summary The Internal Revenue Service (IRS) released on March 2, 2020, Revenue Procedure 2020-17, which exempts certain U.S. citizens and residents from foreign trust information reporting requirements relating to certain tax-favored […]

2019 Year-End Tax Planning

2019 Year-End Tax Planning

Posted Posted in Latest News

Year-End Tax Planning with Holiday Cheer As the holiday season approaches, there never seems to be enough time to plan your gatherings and celebrations with family and friends. Yet, it pays to spend a few moments to take stock of your taxes before the end of the year to mitigate your tax exposure, boost your […]

Estimated Tax: Minimum Payment

IRS Waives Estimated Tax Penalty

Posted Posted in Latest News

IRS Waives Penalty for Many with Short Witholding or Estimated Tax Payments The Internal Revenue Service (IRS) announced on January 16, 2019 that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS […]

Form 1040 of 1941

The New Postcard Return that Never Was?

Posted Posted in Latest News

Treasury Secretary Steven Mnuchin said that the new promised postcard return will be released this week. The New York Times has reportedly obtained a draft of the new Form 1040 and posted it in their news article on Monday. The current two-page form is condensed into one page by introducing various new schedules that need […]