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.
CLICK BUTTON TO SUBSCRIBE TO OUR
Read the latest topics on taxes, financial news,
Click on above image to see IRS notices on receiving your payments.
Click to see the 2020 Calendar of Tax Due Dates
Beware of IRS Scams!!
Click on the images below for different articles on how you can become a victim of a scam! ...
Click on News to read the latest
Newsletter from Mir Taxes
Click on video in left hand column for 2019 Tax Highlights
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.
CARES Act - COVID-19 Relief
U.S. TAX RELIEF FOR TAXPAYERS
Additional news for this tax season concerning the Covid-19 and the Congressional acts passed by Congress to assist taxpayers and businesses. Read the details here. The article will include additional information as well as IRS-sourced links to provide additional details.
The CARES Act has been signed by President Trump on Friday, March 27, 2020. This historic act brings about a $2-trillion relief bill to assist Americans and the U.S. economy during the COVID-19 pandemic.
The CARES Act provides stimulus rebate checks to be mailed to Americans if you filed your 2018 or 2019 tax returns. It will provide relief also for those not required to file a tax return, including senior citizens with only social security income.
Read more about the CARES Act in these articles:
READ the prior Newsletters concerning informative and important information of Covid-19 as far as tax and health:
Newsletter 2020-8 - IRS Generated Economic Aid Checks 4/2020
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.
Child Tax Credit Changes for 2019
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.
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.
How does this work? (Read further....)
Tax Reform of 2017
MIR Taxes Newsletters Library
Our Newsletters includes lots of informative tax news! See past Newsletters under the
News & Events tab. Subscribe to future Newsletters...here.
Need to convert into US dollars? Or perhaps go Euros?
Convert your currency wisely, efficiently, and economically by reading about MoneyCorp and open
E-mail us: firstname.lastname@example.org
Europe: +32 (0)494 27 9763
US: +1 (919) 960-1499
International mailing address:
Rue de la Presse 4
1000 Brussels - Belgium
U.S. mailing address:
9204 NW 73rd Street
Tamarc, FL 33321