MAY-JUNE-JULY 2020 No images? Click here SUMMER 2020 Tax NewsletterHappy Fourth of JulyMay - June - July 20202020 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 announcedThe Worldwide Finance Awards 2020Tax Advisors of the Year 2020 - BelgiumMir Taxes ... its websiteMirtaxes.ComEconomic Impact PaymentsDid 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:
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 _______________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. _________________________ 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 deadlineIf 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. Additional News Resources LinksUnited States Some Good News: Global Mobility Edition United States HEROES Act Proposes More Potential Tax Incentives Convert currency & save money!Convert your currency wisely, efficiently, and economically by opening an account with MoneyCorp for free today! MoneyCorp can help both private and corporate clients, with a few payments that includes:
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