CARES ACT SPECIAL

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APRIL 2020 Tax Newsletter

COVID-19 - CARES Act

CARES Act - U.S. Tax Relief for Taxpayers

The April Newsletter comes to you a few days earlier to get some news concerning the CARES Act signed by President Trump on Friday, March 27, 2020. This historic act brings about a $2-trillion relief bill to assist Americans and the U.S. economy during the COVID-19 pandemic. 

The CARES Act provides stimulus rebate checks to be mailed to Americans if you filed your 2018 or 2019 tax returns. It will provide relief also for those not required to file a tax return, including senior citizens with only social security income. 

Read more about the CARES Act in these articles by clicking the titles: 

  • Last Hurdle Accomplished: CARES Act is Approved
  • Senate Passes Updated Economic Relief Plan for Individuals and Businesses
  • State Aid Provisions of the Federal Coronavirus Response Bill
  • Trump signs $2 trillion coronavirus relief bill as the US tries to prevent economic devastation
  • State-by-State Responses to COVID-19
  • Country-by-Country Responses to COVID-19 

If you have questions or need further assistance, please be sure to contact us here. If you are self-employed in Belgium, contact us for more information on receiving aid.

Read our two prior Newsletters with more news updates on the Covid-19 in relation to U.S. taxation here.

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Message from the American Citizens Abroad

The State Department Federal Credit Union (SDFCU) today confirmed that they stand ready to help American expats at this critical time. Congress, in the coronavirus relief legislation, is on course to make payments to individuals by direct deposit similar to direct deposit of tax refunds.  American citizens abroad who have an SDFCU checking account, enabled by their ACA membership, will be able to quickly and securely receive these electronically issued and transferred payments by providing the IRS their SDFCU banking information.  ACA is working with Federal Agencies to see how they can facilitate the submission of this banking information for those who have not already provided it on their last tax return.
 
The recipient might choose to receive payment by check sent by mail, but this will be slower and riskier, even more so due to fallout from the coronavirus pandemic.
 
Electronic payments, which can be received almost immediately, can be held in the recipient’s SDFCU account; or they can be invested in any one of several ways, as the individual chooses; or they can be transferred to the individual’s foreign bank account; or they can be transferred immediately to relatives in the U.S. or elsewhere; or they can be handled in any number of other ways as desired.  SDFCU accounts have historically been used to great advantage in emergencies just like this.
 
Since 2016, ACA has teamed up with SDFCU to provide SDFCU accounts for ACA members in 70 countries around the world. Everything can be done online. A residence or other physical presence in the U.S. is not required.
 
For detailed information about how to establish an ACA-enabled SDFCU account, go to   
https://www.americansabroad.org/sdfcu-account/

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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. 

Or you can contact us by email with any questions or concerns for this tax season. 

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.

 
 

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Tax Information Website

Reminder to check the website for additional information and news concerning tax issues that may concern you. Click for tax links.

 
 
 
 
 
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