A Changed World - 2020

The United States with the rest of the world is going through unusual events of a pandemic of a new virus called Covid-19, or coronavirus. Many nations have implemented drastic moves to curb the movement and socialization of the populations to curb the spreading of the disease. The governments and health organizations have asked the public to maintain quarantined in their homes, closed schools, public events and minimal contact with non-close family members. However, the IRS has not extended the filing due dates for U.S. residents of April 15 .... yet! The "good" news is that if taxpayers owe money to the IRS, they are extended an additional 90 days, July 15, to pay these liabilities without penalties. The IRS offers a guidance to assist taxpayers during these horrid times. We ask that everyone remains patient and safe with your loved ones... and protect the elderly by staying away from them. "Don't be a spreader!"  On March 13, 2020, the President Trump issued an emergency declaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act in response to the ongoing coronavirus disease pandemic. The Emergency Declaration instructed the Secretary of the Treasury “to provide relief from tax deadlines to Americans who have been adversely affected by the COVID-19 emergency." With the closure of borders and traveling curbed, stay in tuned with the national and international news outlets for possible news that can impact your life as well as your tax situation. 

The latest news as of March 18 is that Congress has approved the “Families First Coronavirus Response Act,” which needs the signature of the President. Read further about the Act but consequences on the economy is left open for discussion nationally. President Trump has suggested no payroll tax and to send stimulus checks to Americans. The Institute on Taxation and Economic Policy has suggested that one of these suggestions would help the rich while the other could assist the poor. The payroll tax cut would help the 20% of the richest Americans. However, a stimulus check would help the bottom 60% of Americans. However, if and when, checks are mailed to Americans, spend it wisely as suggested here. 

Worried about your personal financial situation? It will take time and tremendous patience to wait out the pandemic and economic crisis of 2020. However, read further here for some suggestions and tax tips on any unresolved losses due to the crisis. 

Keep in mind the U.S. tax filing continues ... nothing is cancelled. Stay current on your respective due dates: U.S. residents - April 15; U.S. Persons abroad - June 15. An extension is allowable to file by October 15. However, any tax liability must be paid by the due dates (July 15 or June 15). Things can still change or stay tuned. We will continue to monitor the situation but available for any tax-related questions or filing. 

Stay safe... a lot of links have been placed in the above article for your benefit... let us know what you want to hear about concerning tax news in the future by emailing us. 

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Tax Tools for 2020

Need a tax consultation?

Please contact us if you wish to arrange for a time to speak concerning your tax situation. In-person appointments in Brussels have been cancelled until further notice. We can conduct telephone/video consultations. Appointments in Brussels can be made here. 

IRS Improved Tax Withholding Estimator 

The IRS has installed an Improved Tax Withholding Estimator to help workers target the refund they want; shows how to fill out new 2020 W-4 on IRS webpage. Use this tool for your payroll withholdings for 2020. 

Additional valuable information for the new tax season...

Checklist for Tax Year 2019 tax preparation filing.

The 2020 Tax Calendar has been compiled for your benefit as well. Please click here to download your calendar and mark the dates.

Check website for more news ... www.mirtaxes.com

Updated 2019 Tax Highlights Video

Please click here to review an updated video of the tax highlights for 2020 with end-of-year Congressional approval.

Form 1040 - Additional Form

In 2018 the IRS introduced a new, shorter version of Form 1040 and relocated many items that resided on the old “long form” to six new supplementary schedules. For 2019, the IRS has again redesigned Form 1040, consolidating the six supplementary schedules to three and moving some items back to Form 1040. Here are the changes for the 2019 Form 1040 system. The IRS has also implemented a new Form 1040 for senior citizens ... Form - SR.

Tax News Links