Welcome to the first edition of the weekly news roundup, where we provide you with the most relevant and current expat tax news. This week we are featuring the IRS’ announcement of the tax filing season start date, Greenback Co-Founder David McKeegan’s article in Accounting Today, the National Taxpayer Advocate’s report, and the potential government shutdown.
IRS Announces Start of the Tax Filing Season
The IRS has announced that the tax filing season will begin January 29th this year, which is the first date that completed returns will be accepted. This date is markedly later than in recent years. Find out why the late date was chosen and what other dates expats should keep track of in 2018!
Greenback Co-Founder David McKeegan Featured in Accounting Today
David McKeegan summarized the five most important matters expats should know regarding the new tax law that is now in effect. Read his article in Accounting Today!
National Taxpayer Advocate’s Report to Congress Addresses Expat Tax Issues
The annual report by the Office of the Taxpayer Advocate is notable because this year it addresses expat issues specifically. The report contains both serious tax issues found as well as legislative recommendations that, if enacted by Congress, could change the expat tax process. The Taxpayer Advocate recommendations include removing the dual taxation and reporting requirements for expats subject to both FATCA and FBAR, as well as a clarification of failure to file penalties.
Government Shutdown – Will it Affect US Expat Taxes?
The American government has shut down once already this year, and though it has since reopened, another deadline looms on the horizon. An agreement needs to be made to fund the government by February 8th, or the government will shut down once again. So what does that mean for American expat taxpayers? Pressing pause just before the start of tax filing season for a department already tasked with the biggest tax code overhaul in decades is a tall order for the IRS. Fortunately, the IRS has a contingency plan for situations like this. In the event of another shutdown, the IRS will likely continue to process tax returns, but some functions would cease – including most audits, the issuance of tax refunds, and the processing of amended returns (Forms 1040X.)
See you next Friday!
Tune in next Friday for more updates on the most current expat tax news. And if you have questions before then, you can always contact the experts here at Greenback!