Inside this issue: – Artificial Intelligence, Is it Ethical? – Convergence of Social Media and Ethics – Presidential Candidate Tax Policies – Coming Soon – System Security Enhancements – Check Your Own Firewalls – Completing Your Certificate of Completion – 2025 CE Provider Fee – Renewal Season Coming Soon The post THE IRS CE PROVIDER INSIDER first appeared on American Expat Tax Services ..read more

The Internal Revenue Service isn’t doing enough to help victims of identity theft receive their tax refunds, according to a report Wednesday from National Taxpayer Advocate Erin Collins, and its statistics on answering phone calls are misleading. Collins’ midyear report to Congress also highlighted problems with the IRS’s backlog on processing employee retention credit claims and the agency’s use of funds from the Inflation Reduction Act to improve taxpayer service and the agency’s technology. The post Taxpayer Advocate spotlights problems with IRS assistance first appeared on Americ ..read more

In a long-awaited ruling, the U.S. Supreme Court upheld a tax on unrealized gains, affirming the constitutionality of a mandatory repatriation tax introduced by the Tax Cuts and Jobs Act (TCJA). The post Unrealized Gains Tax Upheld by U.S. Supreme Court first appeared on American Expat Tax Services ..read more

CCH Tax Briefing – February 1, 2024 Late on January 31, 2024, the House passed the Tax Relief for American Families and Workers Act of 2024 by a 357 – 70 vote. The bill provides for increases in the child tax credit, delays the requirement to deduct research and experimentation expenditures over a five-year period, extends 100-percent bonus depreciation through 2025, and increases the Code Sec. 179 deduction limitation, among other business-friendly provisions. The post House Passes Wide-Ranging Tax Bill first appeared on American Expat Tax Services ..read more

From CCH – Jan. 5, 2024 IRS Busy Despite Any Significant Legislative Action In 2023 Just because Congress failed to act on passing any significant legislation affecting taxes, although they did take some money away from the Internal Revenue Service, it does not mean there was not a lot going on in the tax world. In fact, 2023 saw some significant actions taken by the IRS. Early in 2023, the agency got new leadership in the commissioner slot as Daniel Werfel, nominated in late 2022, was confirmed. That was followed by the much anticipated release of the Strategic Operating Plan that detailed ho ..read more

We are kicking off a new tax season It’s hard to believe another year has come and gone, and we are getting ready for the new tax filing season to open. While there have not been many changes in the US Tax Code since last year, there has been some major challenges to the IRS’s administration of the Internal Revenue Code in certain areas of international taxation. We are watching these developments closely and will make you aware of any changes that may impact the way we file your tax returns. Click Here to read the newsletter The post 2024 AET Newsletter first appeared on American Expat Tax Se ..read more

Accounting Today By  Michael Cohn  August 02, 2023, 4:32 p.m. The IRS launched what it’s calling a “paperless processing” initiative Wednesday. Taxpayers would have the option to go paperless for IRS correspondence by the 2024 filing season, with the goal of achieving paperless processing for all tax returns by filing season 2025. The IRS is making the digital push as part of the extra funding it received under last year’s Inflation Reduction Act to improve taxpayer service and technology after experiencing a long backlog of unprocessed taxpayer correspondence during the pandemi ..read more

Yahoo Finance by: Ashley Kilroy  Tue, June 27, 2023  The United States requires its citizens and permanent residents to file tax returns with the U.S. Internal Revenue Service (IRS) regardless of where they reside and earn income. Expats don’t get an exception to this rule. However, expats can be eligible for unique exclusions, deductions or credits to help reduce or eliminate their U.S. tax liability. The post Taxes Cost Expats in the U.S. This Much first appeared on American Expat Tax Services ..read more

Yahoo Finance – Nicole Spector… February 22, 2023 Millions of Americans work overseas, and these folks may be surprised (or merely woebegone) to learn that no matter where their income is generated, they still need to file U.S. tax returns. The only way to be exempt from filing a U.S. tax return is to abandon green card holder status by filing Form I-407 with the U.S. Citizen & Immigration Service or renounce U.S. citizenship under certain circumstances described in the expatriation tax provisions. Click here to read the entire article. The post Working From Abroad? 8 Tax Tricks To Know fi ..read more

From CNBC – Kate Dore MAR 6 2023 After a year of soaring prices, the IRS made annual inflation adjustments for dozens of tax provisions, including the federal income tax brackets for 2023, which may affect next year’s taxes, experts say. While the rates didn’t change, the brackets show the federal income taxes you’ll owe on each portion of your taxable income, which is calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income. Click here to read the full article The post Inflation boosted the 2023 federal income tax brackets. first a ..read more