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 […]
The IRS issued Notice 2020-23 on April 9, 2020 to expand the automatic postponement of due dates for filing and paying federal taxes, which we discussed in our last newsletter. Most notably, postponement under this new notice is no longer confined to federal income tax returns and payments that are due on April 15, 2020.[1] […]
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 […]