Beware of IRS Scams!!
Click on the images below for different articles on how you can become a victim of a scam! ...
Read the latest
Newsletter for 2018 click here:
What is the FBAR?
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.
The FBAR could affect most expats however it can also affect Americans residing in the United States. Read more about this report of what it entails, requirements, etc. Click here for all of the information.
Expats Convert Traditional IRA to a Roth Tax-Free Using FEIE
Since the passage of FATCA in 2010, Americans have run into roadblocks against foreign banks in establishing retirement accounts. Americans living abroad can continue to contribute to their
retirement in U.S. based accounts into IRA accounts. Brian Dunhill, an American financial advisor based in Europe, explains how U.S. expats can continue to contribute to an IRA account without
facing the obstacles Americans are facing outside the U.S. in his article titled, "Can Expats Make
IRA Contributions?" .... that can be read here.
However, Americans currently holding traditional IRA or 401k accounts in the U.S. can begin to move these accounts into a Roth IRA tax-free if they are eligible for the Foreign Earned Income Exclusion (FEIE). It is very simple! If the expat is utilizing the FEIE annually, the standard deduction amount
(per the filing status) can be the total amount to be converted into the Roth IRA.
Are your May flowers blooming? Especially since Tax Day has passed by? Now that Tax Day has passed for American residents, it is time to plan your strategy for 2018. Your tax situation will appear
a lot different in 2018 compared with 2017 due to the tax reform. The increase in the standard deduction could lead to fewer people itemizing.
Here’s a few ideas to consider while the year is still “young”:
Business Expats receive a reprieve on transition tax
The Internal Revenue Service has offered penalty, filing relief to many who are subject to the new transition tax on foreign earnings. Read the ACA's article here.
CHS - Charitable Donation for 2018 tax year
Charitable donations can be helpful during tax time. While it it too late to make that donation for 2017, make your choices before December 31 this year. Community Help Service (CHS) in Belgium can provide that tax-deduction for your US taxes, as well as your Belgium (if you live in Belgium) tax returns. CHS is an English-speaking Helpline assistance organization. Check out their website as
Congress passes one of the biggest tax reforms bills in recent history before the end of 2017. How will the TAX CUTS AND JOBS ACTS (TCJA) of 2017 affect you as a US taxpayer? Read a brief description of the TCJA here.
2018 Newsletters includes lots of informative tax news! See past Newsletters under the
News & Events tab. Last Newsletter of 2017 - December 2017 edition - read here!
Need assistance for tax filing 2016 or past years?
Need to catch up? Are you been living abroad? We can help by filing through the IRS Streamlined Foreign Offshore Procedures. Gather your documents, records, receipts, etc. and get ready to file your taxes! Mir Taxes is here to help with any reporting,
questions, or issues. Contact us at firstname.lastname@example.org.