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The IRS adjusted its income tax brackets for 2023
If your income doesn’t rise in 2023, some tax relief is on the way You might owe less in taxes next year. As part of its annual adjustments based on inflation, the IRS increased the income thresholds for its tax brackets by thousands of dollars. These changes are...
How Do IRAs and Roth IRAs Work for Expats?
By Creative Planning & adapted by US Tax Consultants. July 30, 2022 U.S. Retirement Accounts IRAs, 401(k)s, Roth IRAs, Individual 401(k)s, 403(b)s, deferred compensation plans and defined benefit employer pension plans are some of the many possible investment...
Estimated Tax Payments IRS
All you need to know about the Quarterly Estimated Tax Payments When you have a traditional hourly or salaried job, your employer usually withholds income taxes from your paychecks. But if you're one of the millions of small-business owners, freelancers or other...
IRS reduces tax return backlog as AICPA urges penalty relief extension
The Internal Revenue Service is making progress on its backlog of unprocessed tax returns, as it's asked by the American Institute of CPAs to extend its recently announced penalty relief through the end of the year. The IRS reported Monday it has reduced the number of...
The U.S. Supreme Court Decides How to Punish US Expats with the FBAR.
By Andreas Kluth at Bloomberg. August 26, 2022 Andreas Kluth is a Bloomberg Opinion columnist covering European politics. A former editor in chief of Handelsblatt Global and a writer for the Economist, he is author of “Hannibal and Me” The US Supreme Court has lately...
IRS Operations up to now due to COVID-19: Mission-critical functions continue.
Mission-critical functions continue. According to the IRS, they state that they are open and processing mail, tax returns, payments, refunds and correspondence. However, COVID-19 continues to cause delays in some of their services. The service delays include: Live...
The IRNR, the tax paid by non-fiscal residents, regardless of their nationality.
All those who live abroad may also be required to pay taxes in Spain: in addition to foreigners who may be owners of a property, we also have almost three million Spaniards who reside abroad. As a general rule individuals pay taxes in the country they have their...
Need-To-Know tax issues for U.S. expats to keep in mind before preparing U.S. Tax Returns
We have selected six need-to-know tax issues for U.S. expats to keep in mind before preparing U.S. Tax returns: Mutual Funds, U.S. Bank Account, CTC, Tax Preparation, Streamline Procedure and how to pay the IRS Mutual Funds outside the U.S. (PFICs) All US Citizens...
IRS still has a backlog of 10.2 million unprocessed tax returns. What can you do?
Despite making progress in cutting its backlog, the Internal Revenue Service still facing more than 10 million unprocessed returns, and its correspondent refunds. As of July 29, the agency had 10.2 million unprocessed individual tax year 2021 returns. Of these, 1.8...
Some things to know about crowdfunding and taxes
Crowdfunding is an increasingly popular method of raising money online. Funds are typically raised by soliciting small individual contributions from many people through an electronic fund-raising platform to fundraise for a business, for charity, or for gifts. It’s...
What is FATCA (Foreign Account Tax Compliance Act)? And How does it affect Americans Abroad?
FATCA stand for Foreign Account Tax Compliance Act. The legislation was passed into law in 2010 as part of the unrelated jobs legislation known as the HIRE law. FATCA is a broad, complex set of rules designed to increase tax compliance by Americans with financial...
Difficulties and challenges of having tax obligations in Spain and the U.S.A.
We understand the difficulties and challenges of having tax obligations in both countries, because US Tax Consultants is a company with offices in Madrid, Asturias (Spain) and Algarve (Portugal), and partners in Portugal and Italy, with national and international...
Financial Crimes Enforcement Network (FinCEN) Statement on Enforcement of the Bank Secrecy Act
This statement describes FinCEN’s approach to enforcing the Bank Secrecy Act (BSA). FinCEN uses the factors described in this statement to determine the appropriate enforcement response when it identifies actual or possible violations of the BSA. FinCEN is issuing...
Gold: An ideal investment for US Expats
“Gold is money. Everything else is credit. J.P. Morgan An American or IRS defined ¨US Person¨ living, working, or investing outside the United States is subject to a multitude of IRS reporting demands. The US Internal Revenue Service wants to know exactly what assets...
2021 US Tax return Form 1040 and FinCEN 114
All U.S. Citizen are required to file a U.S. Individual Tax Return every year, wherever in the world you live, reporting your worldwide income, even if you pay taxes in Spain. You must file the Form 1040 (Federal Income Tax), if your gross income is at least $5...
The Four Fiscal obligations for US Citizens living in Spain.
As U.S. Person (U.S. Citizens, Green Card Holders and Resident Aliens) living in Spain you have four different fiscal obligations: you are required to file a U.S. Individual Tax Return every year, wherever in the world they live, reporting your worldwide income,...
IRS confirms that original tax returns filed in 2021 will be completed this week
After last month promise of the IRS Commissioner, Charles Retting, to process millions of unprocessed returns before December, now after intensive work during the past several months, the Internal Revenue Service announced today that processing on a key group of...
$100 Discount on your next Tax Return
WOULD YOU LIKE A $100 DISCOUNT ON YOUR NEXT TAX RETURN? IT'S EASY Help a non-filer retrieve the 2019 and 2020 Stimulus Checks with streamline If you know a U.S. citizen who has not filed taxes in these years-- or other years-- tell them that they can claim stimulus...
When is the due date to file my Individual Tax Return, Form 1040, and Pay taxes?
The regular due date to file is April 15th of the following year. If April 15th falls on a Saturday, Sunday, or legal holiday, your tax return is considered timely filed if it is filed by the next business day that isn't a Saturday, Sunday, or legal holiday. For 2021...
IRS commissioner promises to process millions of unprocessed returns before December 2022
The Internal Revenue Service computer systems are more than 50 years old, and you should not expect miracles. Taxes are going unpaid because returns aren’t being processed. Phone calls go unanswered, and correspondence takes almost a year to process. The caseload of...
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