Mission of Mir Taxes
We will ensure that our clients accomplish their financial goals of taxation while living abroad. The objectives are to provide the professional services in completing their tax preparation reporting requirements and ensuring compliance and peace of mind. We also strive to ensure our clients are aware of financial tools that will lead them to meeting their other future economic goals. Whether you are looking for answers or simply want more information, we believe that good communication is vital to provide excellent customer service.
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Read the latest topics on taxes, financial news,
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Beware of IRS Scams!!
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Newsletter from Mir Taxes
2021 Checklist for Tax Preparation - click here.
IRS Streamlined Foreign Offshore Procedures
Behind in your tax and financial assets filing, read more what you can do to become compliant here.
Acquisition International has announced
The Worldwide Finance Awards 2020
Tax Advisors of the Year 2020 - Belgium
Read about the award here.
CONGRESS Approves New Stimulus Payments
The U.S. Congress has approved a new stimulus package before the year ended. Many Americans have already received the new economic impact payments of $600 for each person, including dependent children. Check your status on the IRS website of the payment. Click on the blue box "Get My Payment" to check your status. In searching, reminders:
If the payments are increased to $2,000, what will happen? Read here. This is a strong possibility with the U.S. Senate obtaining a Democrat majority. However, there is a slim chance of the repeal of the CBT happening now.
Recovery Rebate Credit/Economic Impact Payment - 2019
Statement published by IRS:
Taxpayers who received an Economic Impact Payment, should keep Notice 1444, Your Economic Impact Payment, with their 2020 tax records. They may be eligible to claim the Recovery Rebate Credit on their tax year 2020 federal income tax return if:
• they didn't receive an Economic Impact Payment, or
• their Economic Impact Payment was less than $1,200 ($2,400 if married filing jointly for 2019 or 2018), plus $500 for each qualifying child they had in 2020.
If a taxpayer didn't receive the full amount of the Economic Impact Payment for which they were eligible, they may be able to claim the Recovery Rebate Credit when they file in 2021. Individuals do not need to complete information about the Recovery Rebate Credit on tax year 2020 Form 1040 or 1040-SR when filing in 2021, unless eligible to claim an additional credit amount.
BEWARE OF SCAMS - IRS issues warning about Coronavirus-related scams; watch out for schemes tied to economic impact payments. Read their Notice here.
2020 Tax Year Updates
While the 2020 tax year may not experience the drastic and numerous tax changes brought on in 2018 by the Tax Cuts and Jobs Act of 2017 (TCJA), 2020 will have changes to the U.S. tax laws that taxpayers should be aware especially if it is beneficial to them. The highlights of these 24 changes are summarized here, which were inspired by several congressional acts .... click here.
Review where you stand for the Tax Year 2020 (filing 2021) for your standard deduction here.
Reporting Your Foreign Company to the IRS or Face Penalties
U.S. expats living abroad can have the choice of being self-employed and establishing their own company in their adopted country. However, the company is now a “foreign corporation” or a “Controlled Foreign Corporation”. Let’s discuss the requirements of what is required for U.S. expats with a CFC as far as U.S. tax reporting obligations.
But what are the filing requirements to the U.S. IRS? Read this interesting article here and be informed.
Donations for 2021 - $2,000
The CARES Act provided adjustment to income for 2020 of $300 for cash charitable donations. However, for your 2021 tax return, the new Covid relief bill you will be able to obtain a charitable contribution credit of up to $2,000 straight against your income. You still have a few more months to make that contribution to your favorite charities. Read more information here concerning the new bill.
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.
MIR Taxes Newsletters Library
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