SUMMER 2020 Tax Newsletter

Happy Fourth of July

May - June - July 2020

2020 Tax Day is coming very soon!

Have you filed your 2019 taxes or paid any liability yet?

July 15, 2020 is "Tax Day" this year due to the Covid-19 pandemic. The IRS moved all due dates for tax filing, payments, etc. to the July 15 for all U.S. Taxpayers. If you have not filed as of yet, or most likely, will not meet this deadline, a tax filing extension is possible. However, keep in mind that if you feel that you have a tax liability, the payment must be sent with the extension to the IRS (and/or states) in order to avoid penalties.

The pandemic has created a mountain of a backlog of paper filing at the IRS. They have packed thousands of envelopes into boxes and stored into trailers across the country at the various sites. Your paper copy tax return, extension, or correspondence may not be processed in 2020, possibly.

If you are also planning on adding to your IRA accounts, you can still add by July 15, especially if you are looking for a tax benefit to this retirement savings. If you are a U.S. expat, you may be able to still contribute to an IRA account provided you do not utilize the Foreign Earned Income Exclusion. If you live abroad, you can contact the expat financial advisor for additional assistance: Dunhill Financial.

If you need assistance or advice to complete the U.S. tax return or extension, and/or FBAR filings, please feel free to contact MIR Taxes.

Exciting news for MIR Taxes as well as it was named the "Tax Advisors of the Year 2020 in Belgium by Acquisitions International as part of their Worldwide Finance Awards 2020. Thank you all for your assistance in reaching this plateau.

Acquisition International has announced

The Worldwide Finance Awards 2020

Tax Advisors of the Year 2020 - Belgium

Mir Taxes ... its website

Mirtaxes.Com

Economic Impact Payments

Did you receive your "stimulus" payment from the IRS and Donald Trump? Our last few Newsletters focused on these payments for ALL U.S. Persons, even living abroad. Many folks may have had issues in getting their payment information on the IRS website (IRS "Get My Payment" ). The IRS may not be issuing paper checks any longer but will issue debit cards instead. This could be the best option for U.S. Persons living abroad without a U.S. bank account. Or, the IRS might be able to accept your U.S. bank account for a direct deposit.

In reviewing how to look up your "Get My Payment", here's some tips on using it:

Do not include hyphens in your social security number
If you have a foreign address, put the house number FIRST, then the street address, for example: 4 Rue de la Presse.
Omit apartment numbers, box numbers, etc.
If you received a previous message, that a check was mailed and have not received it, try the site again to see if the message changed.
All else failed, check the IRS Frequently Asked Questions concerning the payments.

The IRS also has a phone number where you can contact them with any issues on the EIP checks only. For Economic Impact Payment questions, call 800-919-9835.

Reminder that if you are NOT required to file a tax return, you are still eligible for the stimulus check. If you have children over 17 years old who are students, or do not need to file tax returns BUT you do not need as a dependent, they are eligible for the payments as well provided that they are U.S. Citizens with a social security number. More information here.

Additional current news: IRS Updates Filing And Payment Deadlines And Time-sensitive Action FAQs

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If you have questions or need further assistance, please be sure to contact us here.

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

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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. We can conduct telephone, video, or in-person (Brussels) consultations. Appointments can be made here. Or you can contact us by email with any questions or concerns for this tax season.

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

IRS unclaimed refunds of $1.5 billion waiting for tax year 2016; taxpayers face July 15 deadline

If you feel that you should have received a tax refund for tax year 2016 but never filed to claim it, then you will have until July 15, 2020 to file or "lose it"! Contact us if you feel that you had a refund coming to you especially if it is for Child Tax Credit, etc.