2019 Tax Season Myths Busted

Rumors have been swirling about the state of the IRS since the government shutdown, including how the tax season would hypothetically be affected by a potential impending e-filing shutdown. Don’t be fooled! We have the facts for expats straight from our experts, many of whom are expats themselves.

The Myths

Some news outlets are reporting that expats will have to wait this year to file their taxes, largely due to the prior government shutdown, potentially leading to an e-filing shutdown. As you may or may not already know, part of filing your return as an expat is converting the amount you were paid in foreign currency into US dollars, using the current exchange rate. If the IRS doesn’t post new exchange rates, news outlets are suggesting that expats cannot file their Federal Tax Returns until they do so.

The Facts

The IRS already posted the exchange rates, and even if they hadn’t, you are not required to use the IRS rates. The IRS website lists other external websites that can be used for currency conversion as well, such as Oanda.com. Further, the FBAR and FATCA exchange rates were posted weeks ago, showing that the IRS has been covering its bases in order to prepare to receive expat tax returns on time.

In fact, the IRS website recently released information about the 2019 tax season kickoff, which is already underway, and made no mention of caveats for Americans living overseas – a rather large portion of the population of American taxpayers weighing in at a hefty nine million.

Need more proof? Expats are already e-filing successfully. Plus, you can call the IRS to ask them yourself, though calling them at the beginning of tax filing season typically means you’ll be waiting for your answer.

The Future

Another government shutdown may be in the cards, which could throw a wrench into the IRS’ current plans. However, right now the IRS is open for business, and as we’ve stated before, there’s no better feeling than getting your taxes in before the April deadline.

The IRS Is Ready to Process Your Tax Return; Greenback Is Ready to Make it Easy

If you’re ready for a painless, anxiety-free tax season, get started with Greenback today! We’ve searched the world over for the best expat specialists, and they are prepared to guide you through the government shutdown, the tax reform, and anything else 2019 might throw your way.

Do you know 10 most common mistakes expats make?

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