Hoping Everyone is Safe & Well

Dear Readers,

Hope all of you are doing well and being proactive to remain so and to be safe. Wear your masks... it protects you and others. 

If you are expecting a refund from the IRS, check on your status. The following notice was issued by the IRS to assist Americans, worldwide, to get their status. Also, additional helpful information by the IRS on other services.

Some of you may not have received the Economic Impact Payment (EIP) that you are entitled as a U.S. Citizen or Resident. It would be best to clear up the status of the first payment because the U.S. government keeps "hinting" of a second payment to come. Click on the boxes below that pertains to your status.

Do not forget if you filed an extension for your tax return that these are due by October 15. Let us know if you have any questions or need assistance here. 

We are also proud to be the recipient of the Acquisition International Magazine 2020 Worldwide Finance Awards winner as "Tax Advisors of the Year 2020 - Belgium". We are also ready to assist you with your questions on U.S. taxation and reports preparation. Thank you to all of our clients for assisting us in reaching this plateau. 

So, keep safe and good luck! Have a great summer! 

Moving Abroad? What about your accountant?

It's summertime and many Americans might be moving abroad sometime this year (unless Covid stops them). Some of the soon-to-be American Expats have had their tax accountant for many years. However, you should feel confident that this great accountant is up-to-date and knowledgeable on tax preparation for Americans living abroad. We have seen often that it is not the case and expats lose their tax advantages and end up subject to double taxation. Contact us for a consultation so that you are aware of the differences. 

‘Where’s My Refund?’

Tool on IRS.gov takes guesswork out of when to expect refunds

WASHINGTON – The IRS reminds taxpayers that one of the best ways to check on their refund is the “Where’s My Refund?” tool on the IRS website and the IRS2Go app. Updated once a day, usually overnight, this useful tool gives taxpayers a projected refund issuance date as soon as it is approved.

The IRS issues nine out of 10 refunds in less than 21 days, and the fastest way to get a refund is to use IRS e-file and direct deposit. Taxpayers should also know they can have their refunds divided into up to three separate accounts.

Due to the COVID-19 pandemic, IRS live phone assistance is extremely limited. People are encouraged to first check the “Where’s My Refund?” tool on the IRS website and the IRS2Go app. Taxpayers can also review the IRS Services Guide which links to additional IRS online services.

Please note: Ordering a tax transcript will not speed delivery of tax refunds nor does the posting of a tax transcript to a taxpayer’s account determine the timing of a refund delivery. Calls to request transcripts for this purpose are unnecessary. Transcripts are available online and by mail at Get Transcript.

A few necessary items
To use the “Where’s My Refund?” tool, taxpayers will need to enter their Social Security number, tax filing status (single, married, head of household) and exact amount of the tax refund claimed on the return.

Taxpayers who file electronically can check “Where’s My Refund?” within 24 hours after they receive their e-file acceptance notification. The tool can tell taxpayers when their tax return has been received, when the refund is approved and the date the refund is to be issued.

Some refunds may take longer
While the IRS continues to process electronic and paper tax returns, issue refunds, and accept payments, there are delays in processing paper tax returns due to limited staffing. If a taxpayer filed a paper tax return, the return will be processed in the order in which it was received. Do not file a second tax return or call the IRS.

Many different factors can affect the timing of a refund. In some cases, a tax return may require additional review. It is also important to consider the time it takes for a financial institution to post the refund to an account or for a refund check to be delivered by mail.

Taxpayers who owe
The IRS encourages taxpayers who owe to do a Paycheck Check Up every year to ensure enough tax is withheld from their pay to avoid an unexpected tax bill.

Published by the Internal Revenue Service 2020

Check IRS website for EIP status

Get yourself registered or find the status of the EIP before Congress decides to send you another payment. Click below and verify your status.