Due to the recent landmark court ruling, the IRS owes many American expats in France many sizeable refunds. An error that the IRS made in the Foreign Tax Credit calculation means the IRS expects to owe somewhere in the neighborhood of 100-300 million dollars to US expats who reside in France. However, determining if you qualify for the refund and if amending your tax returns will be worth it financially can be tricky. So, Greenback’s expert accountants are hosting a free, live webinar so that you can learn everything you need to know about this new development in expat taxes. Mark your calendars for Tuesday, August 20th at 3 pm CEST, and register today to ensure you have a spot.
What Happened With the Foreign Tax Credit Calculation?
A court case just decided that the IRS was incorrectly interpreting the tax treaty between the US and France. The old interpretation did not consider the CSG and the CRDS taxes to be income tax, but rather social taxes, meaning they were not eligible for inclusion on expats’ Foreign Tax Credit calculations. In light of this court case, the IRS is allowing expats to file amended returns with the new Foreign Tax Credit calculation that includes those taxes – and this will result in refunds for many expats.
What Will You Learn in Our Free Webinar?
Correctly computing a Foreign Tax Credit calculation is complex enough, but going back to redo your past ten years of amendments is even more difficult. Further, you would have to correctly estimate if the refund will benefit you financially, and consider the implications of the Foreign Tax Credit carryovers for future years. Luckily, our accountants are going to explain the details so that you will understand the following topics:
- Which taxes you paid that should have gone toward the Foreign Tax Credit calculation
- What documents you’ll need in order to file an amendment
- Which expats will not benefit from the refund
- How to determine your eligibility for a refund
- Case studies illuminating who will not want to file amended returns
- Case studies revealing who will benefit from the new Foreign Tax Credit calculation
- How to get started
Plus, at the end of the webinar, our accountants will host a live Q&A session so that you can ask any specific questions that went unanswered! If you have a specific tax situation that isn’t very cut-and-dried, you are not going to want to miss this free, live webinar. Register now, as space is limited!
Ready to Get Started on Your Expat Taxes?
Becoming tax compliant is easier than you might think. Get started with the Greenback experts today, and you will be caught up in no time.