Tax Newsletter - November 2018
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November Tax News
Happy Thanksgiving to all our readers and families!
As we are approaching the end of another year, we would like to extend our wishes for a Happy Thanksgiving from Mir Taxes to each of you and your families!
Most of us have filed our taxes for 2017. There are a few needing to get filed but the window to electronically file to the tax authorities is closed for the year. The IRS and various states close their e-filing systems in order to implement changes for the new year. With the passage of the Tax Cuts and Job Acts in 2017, their programmers are going to be very busy! And hopefully, the glitches are found and fixed before they open up their systems again... or one can hope! Also, if you are filing for tax year 2015 for the first time, e-filing will not be possible any longer.
If you filed for an extended extension to December 15, you will need to print, sign and do it the old-fashioned way... "lick" a stamp at the local post office! E-filing opens again toward mid to end-of-January 2019. Contact us with any questions or concerns.
We also reach out with prayers to our fellow Americans in California that are suffering from the devastating forest fires.
FBAR ... do you understand it?
Are you aware if you do have to file the FBAR? Do you understand the parameters? Requirements? What it is? So you have to report bank "balances" to the US government but did you know that there are no tax implications?
What is the FBAR? It refers to the FinCen Form 114, Report of Foreign Bank and Financial Accounts. It is a reporting form only without any tax implications. The Bank Secrecy Act of 1970 (BSA) established this report.
Read all about the FBAR and how it may affect you.
Family Tax Provisions and the Child Tax Credit Increases in 2018
More money for American families back from the IRS? Less taxes?
The Tax Cuts and Jobs Act (TCJA) of 2017 brought upon U.S. taxpayers the most drastic changes in the tax code in several years. Although politicians called for making the tax return process simpler, they, as usual, are far off the mark. While the discussions to simply the Form 1040 are still in discussion, American families can hope for better news at tax filing time. The U.S. Tax Code is complex and the TCJA did not simplify matters. However, there were changes enacted to help the average family taxpayers.
Tax in the News
Additional links for other tax information that may be of interest...
Should You Convert Your Balance To A Roth IRA?
If you have accumulated a large balance in a traditional IRA, now may be an ideal time to convert some or all of it to a Roth IRA. The recently enacted Tax Cuts and Jobs Act (TCJA) reduces individual income tax rates through 2025, lowering the cost of conversion. When you do a Roth conversion, you are subject to tax on some or all of the amount you convert, so it could be cheaper to do it now, while tax rates are more favorable.
But, why choose a Roth in the first place?
Changed Incentives for Repatriating Foreign Earnings for Corporations
Prior to the TCJA, the tax code created major disincentives for U.S. companies to repatriate their earnings, or bring earnings made overseas back to the United States. Changes in the TCJA eliminate these disincentives, thus, going forward, companies do not face the old barriers which discouraged repatriation.
IRS Passport Revocation – 260,000 And Counting…
The headlines typically discuss IRS revocation of passports, creating fear among those who owe money to the IRS. Many owing significant tax debts fear that they won't be able to return to the U.S. if their passport is revoked during their trip. As with most headlines, understanding the program results in less fear.
D.O.J. Resorts To Undercover Operations To Secure First Conviction Under F. A.T.C.A.
Adrian Baron, the former Chief Business Officer and former Chief Executive Officer of Loyal Bank Limited, has become the first person ever convicted for failing to comply with the Foreign Account Tax Compliance Act ("FATCA"). Mr. Baron faces a maximum sentence of five years in prison.
Highlights of Tax Cuts and Jobs Act of 2017
Is it time to become compliant with US reporting?
If you haven't filed your taxes in years, Mir Taxes can assist you with the process through the Streamlined Procedures Program of the IRS ... and at reasonable prices. Contact Mir Taxes for more information.
Converting currency and saving money!
Convert your currency wisely, efficiently, and economically by reading about MoneyCorp and open your free account today!
Need a tax pro to get a tax return done or answer a question?
Need to get your 2017 tax return completed? Looking ahead to 2018 filing? Get your FBAR filed? Or have any tax questions? Please feel free to contact us for any assistance.
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