The PRWIRE Press Releases https:// 2020-05-29T04:30:43Z US Global Tax (Aus) Explain IRS Economic Impact Payments 2020-05-29T04:30:43Z us-global-tax-aus-explain-irs-economic-impact-payments In line with both New Zealand and Australia, the US government/IRS has issued the directions of their Economic Impact Payments as follows:  “SSI and Veterans Affairs Benefit Recipients with Dependents: Register by May 5    Register by May 5 if you receive SSI or VA benefits, have qualifying children under the age of 17 and didn’t file a tax return in 2018 or 2019.  Use the Non-Filers: Enter Payment Info Here tool to register to have $500 per child added to the $1,200 Economic Impact Payment you'll receive this year.  https://www.irs.gov/coronavirus/economic-impact-payments .  “The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.  “See if you are eligible for an Economic Impact Payment.  If you are eligible, use our guide to figure out which IRS tool you should use to get your payment.  “Filers: Get Your Payment  Use the "Get My Payment" application to:  Check your payment status  Confirm your payment type: direct deposit or by mail?  Enter your bank account information for direct deposit if:  We don't have your direct deposit information and  We haven't scheduled your payment yet  Non-Filers: Enter Your Payment Info Here  “Use the "Non-Filers: Enter Payment Info Here" application if:  You are not required to file federal income tax returns for 2018 and 2019 for any reason including:  Your income is less than $12,200  You’re married filing jointly and together your income is less than $24,400  You have no income  You have qualifying children under age 17 and you receive SSI or VA benefits (you must enter your info by May 5)  Do not use this tool if you are required to file a 2018 or 2019 tax return; you should file as you normally would.”  For more information on US expat taxes, renunciation of US citizenship and Paying the IRS, please go to https://www.usglobaltax.com.au .  US Global Tax (Aus) Discuss the US Global Stimulus Due to the COVID-19 Crisis 2020-04-29T07:14:22Z us-global-tax-aus-discuss-the-us-global-stimulus-due-to-the-covid-19-crisis US Global Tax are able to shed light on the stimulus package proposed by the US government, due to the COVID-19 crisis, starting with who  will be eligible. Any US citizen who holds a social security number, regardless of where they live in the world will be eligible for the full stimulus amount. You will receive a cheque for $1200 per adult, and $500 per child (under 17).    The stimulus amount is based upon your level of income in your 2019 return, or the 2018 return if not filed. The stimulus begins to phase out at $75,000 USD of adjusted gross income, at $5 per every $100 of income over the $75,000 threshold. Your adjusted gross income can be found on line 8b of your prior year tax return (Form 1040).  For those above the phaseout range, you will not receive the stimulus.    The IRS will post a cheque to your last known address, or where possible (if your bank account details are on file), they will perform a direct deposit (US bank accounts only). They expect the first payments to be made within the next three weeks.    The stimulus differs from similar stimulus payments provided in the past, as this is essentially a refund by the IRS in the form of a loan. The stimulus payments will need to be paid back to the IRS in your 2020 tax return, or potentially later. It is also possible that a tax cut could be introduced, which may result in no stimulus being paid back at all.    However, it is important to remember that unfortunately, this is not free money from the IRS. It does simply mean a loan that they pay to you now, and will (or may) result in the same amount being due in tax on your 2020 tax return. This loan is interest free, and because it acts as an advance tax refund by the IRS, it is also non-taxable.    US Global Tax intend to update you here as soon as further information is available, and for more information on Fbar Fincen 114, US tax return filing and foreign company tax please go to https://usglobaltax.com.au .  US Global Tax (AUS) List Due Dates For the Year For Individual Tax Return Filings 2020-03-23T08:48:41Z us-global-tax-aus-list-due-dates-for-the-year-for-individual-tax-return-filings Last month we talked about the First Quarter. The Second Quarter of a Calendar Year is made up of April, May and June.   April 10 Employees who work for Tips. If you received $20 or more in tips during March, re- port them to your employer.   April 15 Individuals. File a 2019 Form 1040 or Form 1040-SR and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 4868 and pay what you estimate you owe in tax to avoid penal- ties and interest. For more information, see Form 4868. If you’re not paying your 2020 income tax through withholding (or won't pay in enough tax during the year that way), pay the first instalment of your 2020 estimated tax. Use Form 1040-ES. For more information, see Pub. 505. Household employers. If you paid cash wages of $2,100 or more in 2019 to a house- hold employee, you must file Schedule H (Form 1040 or 1040–SR), Household Employment Taxes. If you’re required to file a federal income tax return (Form 1040 or Form 1040-SR), file Schedule H (Form 1040 or 1040-SR) with the return and report any household employment taxes. Report any federal unemployment (FUTA) tax on Schedule H (Form 1040 or 1040-SR) if you paid total cash wages of $1,000 or more in any calendar quarter of 2018 or 2019 to household employees. Also, report any income tax you withheld for your household employees. For more information, see Pub. 926. May 11 Employees Who Work for Tips. If you received $20 or more in tips during April, report them to your employer.   June 10 Employees Who work for Tips. If you received $20 or more in tips during May, report them to your employer.   June 15 Individuals. If you’re a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 or Form 1040-SR and pay any tax, interest, and penalties due. Otherwise, see April 15, earlier. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file and pay what you estimate you owe in tax to avoid penalties and interest. However, if you’re a participant in a combat zone, you may be able to further extend the filing deadline. See Pub. 3, Armed Forces' Tax Guide. Individuals. Make a payment of your 2020 estimated tax if you’re not paying your income tax for the year through withholding (or won't pay in enough tax that way). Use Form 1040-ES. This is the second instalment date for estimated tax in 2020. For more in- formation, see Pub. 505. For more information on US citizenship renunciation tax, 401k Australia and US tax return filing please go to https://usglobaltax.com.au . US Global Tax (AUS) Advise on Non-Resident Spouses 2020-01-23T05:19:40Z us-global-tax-aus-advise-on-non-resident-spouses US Global Tax (AUS) explain what happens if you have non-resident spouse (they don’t have any obligations, and joint income is split 50/50), saying they can elect to file jointly anyway, and claim bigger deductions and/or credits. US Global Tax Ltd., are specialists in individual US Taxation, and most US citizens residing outside the United States have a tax filing requirement to the IRS, regardless of where in the world you may be situated. The filing requirements for individuals will vary depending on your specific circumstances, however, getting it right the first time is essential. The US operates a strict, and detailed reporting system, meaning that virtually all income, from all sources, must be reported annually on a US tax return. For any US citizen residing anywhere globally, filing an annual US tax return is likely required. This also includes lawful permanent residents, and non-residents (non-US citizens) with US-sourced income or assets. As part of the filings required of US citizens, certain disclosures to the United States government may also be required to be made. This usually includes reporting the income, or existence of entities such as trusts, corporations, partnerships, or any other foreign entity in which a US person has an interest. The Internal Revenue Code creates complex requirements for foreign entities, which in some cases require income from foreign trusts or corporations to be attributed to a US citizen. In addition to filing a tax return, many US citizens are also required to file an FBAR. Complex rules exist under the Internal Revenue Code requiring, in some cases, income from foreign corporations and foreign trusts to be attributed to a United States citizen or lawful permanent resident. US Global Tax are Federally Authorised Tax Practitioners, and use their expert knowledge of both the US-AU and US-NZ tax treaties to ensure correct, accurate and tax efficient return preparation, so if you have any queries, concerns or need further information please feel free to contact them, and for more information on 401k Australia, US tax Australia and Australia US tax please go to https://usglobaltax.com.au/ . US Global Tax Australia Advise on the Importance of Tax Planning 2019-12-03T06:08:38Z us-global-tax-australia-advise-on-the-importance-of-tax-planning US Global Tax Australia can’t stress enough the importance of tax planning, and more so right now, as it is nearly time for the end of the financial year in the US. They recommend that it is important to make those changes now, to avoid problems carrying on into the new tax year. Many people don’t realise that any individual with US income or investments may have an obligation to file a US tax return, regardless of their citizenship, and US Global Tax are able to assist in all non-resident tax issues, related to the US, whether this is obtaining a refund of withholding tax for a temporary US job, or tax owing on the sale of an investment. In many cases, the question of whether tax is owing to the US (or refundable) is dependent on the specific tax treaty in place between the US and your country of residence. This requires an expert understanding of both the tax treaty and the Australian tax system. In many cases, complex tax treaty disclosures need to be made as part of a tax return filing, which is something they are well versed in. So, whether you’re thinking of buying an investment property in the US, some temporary work, or investing in the share market, tax compliance is an important factor to consider, so it is vital you reach out to a company like US Global Tax. US Global Tax in Australia assist US citizens, businesses, and all other non-US citizens with ensuring their compliance with their US tax obligations. They provide cost-effective tax return preparation and consulting services that regularly exceed the expectations of their clients, so for more information on US tax Australia and fbar fincen114 please go to https://usglobaltax.com.au . US Global Tax (Aust) Talk About Increasing Volume of Renunciations 2019-11-25T06:59:09Z us-global-tax-aust-talk-about-increasing-volume-of-renunciations US Global Tax (Aust) are receiving an ever growing number of enquiries about renunciaton of US citizenship, from US citizens overseas. Whilst this is still not common among US expats, it has increased dramatically since FATCA laws were introduced in 2009. The renunciation of US Citizenship can have potential tax consequences, and is a very personal and serious decision. Once you have made the decision you wish to renounce your US citizenship, you need to consider the tax implications. The extent of any additional tax liability and the method of its calculation are dependent upon whether you are defined as a “Covered Expatriate.” If not, you are simply assessed for US tax through the preparation and filing of annual and final tax returns. If you are defined as a “Covered Expatriate” then you are subject to an additional tax liability on the increase in value of your “property” (capital gains) using a revaluation methodology called “Mark to Market” at the day prior to renouncing your US citizenship. Essentially, your property is revalued to market value as at the day before renouncing your US citizenship and you are assessed on the gains as though they are realised. For example, if renouncing in 2015, you are considered to meet the definition of Covered Expatriate if your average tax payable for the last five years is US$160,000 or more, or the total market value of your property is US$2 million or more, or other as defined, and subject to specific exceptions as defined. To renounce you must be compliant from both an IRS and FATCA perspective, in that you have filed your last five years’ tax returns and your last six years FBARs. If you are currently not compliant from an IRS and FATCA perspective, it may be worth considering achieving compliance via streamlined filing (three years tax returns and six years FBARs) as this provides a window of two years being IRS and FATCA compliant in which you can make the decision to renounce or not. The above is a relatively simplistic guide, and if you are seriously considering renouncing your US Citizenship it is recommended you contact the team at US Global Tax in Australia and ascertain the requirements as they relate to your specific circumstances, and for more information on doing business in the USA and paying the IRS please go to http://usglobaltax.com.au/ . A Reminder From US Global Tax (Aust) Regarding the Streamlined Amnesty Program 2019-10-04T02:34:57Z a-reminder-from-us-global-tax-aust-regarding-the-streamlined-amnesty-program US Global Tax (Australia) would like to remind people that the Streamlined Amnesty Program could close soon (as we lead up to the anniversary of the OVDP programme closing). The IRS amnesty program, known officially as the “Streamlined Foreign Offshore Procedures,” was established 2012 to encourage U.S. citizens/Green Card holders living abroad to come into full compliance on their delinquent or incomplete U.S. tax returns and FBARs. ​ A taxpayer who files via the Streamlined Foreign Offshore Procedures will not be subject to failure-to-file and failure-to-pay penalties, accuracy-related penalties, information return penalties, or FBAR penalties. Individuals must have been physically outside the United States for at least 330 days during any of the most recent three years. The failure to file tax returns and FBARs was not due to willful conduct. The IRS has not initiated an examination of taxpayer's returns for any taxable year. ​ You should complete the “Certification by U.S. Person Residing Outside of the U.S” in which you certify that your failure to file resulted from non-willful conduct, complete and submit the most recent 3 years of delinquent U.S. tax returns, and complete and submit the most recent 6 years of delinquent FBARs. ​ Although the IRS has not announced an expiration date for this program, they can at any time, so don't miss out on this golden opportunity to get back into compliance. penalty free.    FYI - For the Calendar year tax returns reporting 2018 information that are due in 2019, the following due dates apply March 15 - Form 1065 Partnerships, Form 1120s S Corporations April 15 - Form 1040 Individuals, Form FinCen114 (FBAR), Form 1120 C Corporations   You may be allowed an automatic 2-month extension of time to file your return and pay any federal income tax that is due. You will be allowed the extension if you are a U.S. citizen or resident alien and on the regular due date of your return, so for more information on US tax specialists, US global tax and foreign company tax please go to https://usglobaltax.com.au .