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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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.
Four Positive Tax Changes for 2020
A new year means a whole new set of tax laws to follow. Tax updates are not always bad news. There are four changes that are all positive ones that can put more money in your pocket in the course of 2020. Read about the four changes here.
Tax Season Tools for 2020
Review the changes for Tax Year 2019 which can affect your tax situation:
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.
Navigating the New Form 1040
In 2018 the IRS introduced a new, shorter version of Form 1040 and relocated many items that resided on the old “long form” to six new supplementary schedules. For 2019, the IRS has again redesigned Form 1040, consolidating the six supplementary schedules to three and moving some items back to Form 1040. Here are the changes for the 2019 Form 1040 system.
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
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