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The IRS provided tools for tax practitioners who can use them to reach out and contact to taxpayers who don’t normally file their tax returns and are qualified to get economic impact payments due to current COVID-19 crises. The IRS announced that such individuals will soon get economic impact payments whose payments were diverted to …

Tools to help non-filers receive economic impact payments Read More »

To cater the provision of global intangible low-taxed income (GILTI), IRS issued an additional package Sec. 951A, which was added by the law known as the Tax Cuts and Jobs Act, P.L. 115-97. It requires 10% US shareholders of controlled foreign corporations (CFC) to include in their gross income as their share of the CFC’s GILTI …

GILTI rules address income subject to high foreign tax rate Read More »

This article is only for those who are not able to use Direct Deposit. In the event when you are in US then there will be no issue of getting money for checks, however in the case if you are living abroad, it might be troublesome in some scenarios. Though we are not a financial …

How Expats Can Cash Checks From the IRS While Living Abroad Read More »

Transfer of funds from one pension plan to another may be treated a taxable event in the US (there is no official document to confirm the tax exemption). Introduction Numerous Americans are working abroad. A significant number of them will be involved in the retirement plan in a foreign work workplace which they believe is …

U.S Tax Impact from portability between non-US retirement plans Read More »

Update: The IRS has reversed their stance and senior citizens, Social Security recipients, and railroad retirees who are not otherwise required to file a return will not have to.  Update 2: IRS Reverses stance, introduces tool for non-filers (those who are below minimum filing requirements) to provide information where to send stimulus payments. Important – if you have …

Federal Stimulus FAQ Read More »

COVID-19 impacted the whole world badly in general and USA in particular. Due to this unprecedented situation where normal travelling and flight operations has been suspended across the globe, many countries taking special measures for immediate return of their citizens to their homeland. This situation forces the US citizens to return USA who otherwise expected …

IRS adds waiver for 2020 Foreign Earned Income Exclusion (FEIE) Read More »

As part of funding legislation for the federal government, President Trump signed a law of Setting Every Community Up for Retirement Enhancement (SECURE) Act on December 20, 2019. The law has many provisions relating to financial planning, especially retirement planning with IRAs and employer-sponsored plans. Among the provisions the most attracting is the curtailing of …

Tactics for Stretching Retirement Assets under the SECURE Act Read More »

IRS introduced many relief measures for taxpayers to help them through the economic disruption caused by COVID-19. These measures includes legislative and administrative changes to provide many short term and few long term tax breaks to America’s taxpayers, e.g. tax credits and filing postponements. Below is details of changes helping individuals and businesses: FILING AND PAYMENT …

COVID-19 pandemic prompts many tax changes Read More »