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 […]
Individuals and businesses with a filing or payment due date of April 17 will now have until midnight on Wednesday, April 18. Taxpayers do not need to do anything to receive this extra time, according to IR-2018-100. The IRS had had technical difficulties with the agency’s electronic filing and online payment systems. A “hard reboot” […]
IRS Urges Travelers Requiring Passports to Pay Their “Seriously Delinquent Tax Debt” or Enter into Payment Agreements to Avoid Losing US Passport Further to our newsletter last year, Notice 2018–01 was issued by the IRS on January 16 to notify the public that, starting this month, it will implement new procedures that will affect taxpayers with […]
Tax Cuts and Jobs Act: Individual Provisions of Key Interest to U.S. Expatriates Through a somewhat choreographed partisan political maneuver, the Republican-controlled Congress and White House enacted the Tax Cuts and Jobs Act (“TCJA”), the first major tax reform legislation since the Reagan administration, on December 22 in record time. The individual provisions are generally due to sunset […]
GOP Tax Bills: Individual Provisions of Key Interest to U.S. Expatriates With the House advancing the amended Tax Cuts and Jobs Act for a vote, the Senate has also released its own version of the tax bill (technically only a “Description of the Chairman’s Mark“), which is scheduled for markup, starting November 13, 2017. While […]
Provisions of Key Interest to U.S. Expatriates The Ways and Means Committee has published details of the Tax Cuts and Jobs Act (H.R. 1) that is scheduled for markup beginning November 6, 2017. There are likely to be changes as it makes its way through the Congress and the exact impacts may only be known […]
2018 Tax Update Affecting U.S. Expatriates The Social Security Administration (SSA) and Internal Revenue Service (IRS) announced inflation adjustments for the following, which affect tax year 2018, on October 13 and October 19, respectively: Earnings subject to the Social Security tax; Tax provisions, including tax rate schedules and other tax changes (Rev. Proc. 2017-58); and […]
During the National Public Liaison (NPL) Practitioner meeting in September, the IRS discussed the extent of the Equifax data breach, its implications in terms of tax-related identity theft, and the safeguards in place. It is estimated that roughly 143 million taxpayers are affected. According to IRS, the data breach exposed names, SSNs and mailing addresses; […]
What Are CP2000 and CP2057 IRS Notices? Receiving an IRS notice is one of the things taxpayers dread most about. Yet, each year, CP2000 and CP2057 notices are issued by the IRS to 4 to 5 million taxpayers under the Automated Underreporter (AUR) Program to propose changes to individual income tax returns filed when income and deductions declared […]
Revocation or Denial of US Passport in Case of Certain Unpaid Taxes The IRS has provided further details on the implementation of a provision within the Fixing America’s Surface Transportation Act of 2015, the “FAST Act,”, which could significantly curtail the ability of Americans with “seriously delinquent tax debt” to work, live, and travel overseas. IRC § 7345 […]