Tuesday, May 31, 2022

IR-2022-112, IRS reminder to Americans abroad: File 2021 return by June 15; eligible families can claim expanded tax benefits

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Issue Number:    IR-2022-112

IRS reminder to Americans abroad: File 2021 return by June 15; eligible families can claim expanded tax benefits

 

IR-2022-112, May 31, 2022

 

WASHINGTON – The Internal Revenue Service today reminded taxpayers living and working outside the United States that they must file their 2021 federal income tax return by Wednesday, June 15. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship.

 

Just as most taxpayers in the U.S. must timely file their returns with the IRS, those living and working in another country are also required to file. An automatic two-month deadline extension—until June 15—is normally granted for those overseas. Anyone who qualifies gets the extra time—they don't need to ask for it.

 

File to claim benefits

A taxpayer must file, even if they qualify for tax benefits, such as the Foreign Earned Income Exclusion or the Foreign Tax Credit. These benefits are not automatic and are only available if a U.S. return is filed. This is true, even if these or other tax benefits substantially reduce or eliminate U.S. tax liability.

 

In addition, the IRS urges families to check out expanded tax benefits, such as the Child Tax Credit, Credit for Other Dependents, and Child and Dependent Care Expenses and claim them if they qualify. Though taxpayers abroad often qualify, the calculation of these credits differs, depending upon whether they lived in the U.S. for more than half of 2021. For more information, see the instructions to Schedule 8812 and the instructions to Form 2441.

 

Qualifying for the June 15 extension

A taxpayer qualifies for the special June 15 filing deadline if:

  • Both their tax home and abode are outside the United States or Puerto Rico, or
  • They are serving in the military outside the U.S. and Puerto Rico on the regular due date of their tax return.Be sure to attach a statement to the return indicating which of these two situations applies.

Reporting required for foreign accounts and assets  A special reporting requirement applies to most people who have foreign bank or financial accounts. Often referred to as the FBAR requirement, it is separate from and in addition to any reporting required on either Schedule B or Form 8938.The FBAR requirement applies to anyone with an interest in, or signature or other authority over foreign financial accounts whose aggregate value exceeded $10,000 at any time during 2021. They must file electronically with the Treasury Department a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Because of this threshold, the IRS encourages taxpayers with foreign assets, even relatively small ones, to check if this filing requirement applies to them. The form is only available through the BSA E-filing System website. Tied to the regular tax-filing due date, the deadline for filing the annual FBAR was generally April 18, 2022. But FinCEN is granting filers who missed the original deadline an automatic extension until Oct. 17, 2022. There is no need to request this extension.

Report in U.S. dollars  To ensure tax payments are credited promptly, the IRS urges taxpayers to consider the speed and convenience of paying their U.S. tax obligation electronically. The fastest and easiest way to do that is via Online Account and IRS Direct Pay. These and other electronic payment options are available at IRS.gov/Payments.

Expatriate reporting Extra time is available for those who cannot meet the June 15 date. The IRS urges anyone needing the additional time to make their request electronically. Several electronic options are available. Visit IRS.gov/Extensions for details.Otherwise, individual taxpayers can request a filing extension to Oct. 17, by filing Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. Businesses that need more time must file Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns.

Combat zone extension

Extensions beyond June 15

Taxpayers who relinquished their U.S. citizenship or ceased to be lawful permanent residents of the United States during 2021 must file a dual-status alien tax return, and attach Form 8854, Initial and Annual Expatriation Statement. A copy of Form 8854 must also be filed with Internal Revenue Service, 3651 S IH35 MS 4301AUSC, Austin, TX 78741, by the due date of the tax return (including extensions). See the instructions for this form and Notice 2009-85, Guidance for Expatriates Under Section 877A, for further details.

Tax payments

  • Both FINCEN Form 114 and IRS Form 8938 require the use of a Dec. 31 exchange rate for all transactions, regardless of the actual exchange rate on the date of the transaction. Generally, the IRS accepts any posted exchange rate that is used consistently. For more information on exchange rates, see Foreign Currency and Currency Exchange Rates.
  • Any income received or deductible expenses paid in foreign currency must be reported on a U.S. tax return in U.S. dollars. Likewise, any tax payments must be made in U.S. dollars.

    Treasury reporting requirement also applies to foreign accounts

In addition, certain taxpayers may also have to complete and attach to their return Form 8938, Statement of Foreign Financial Assets. Generally, U.S. citizens, resident aliens and certain nonresident aliens must report specified foreign financial assets on this form if the aggregate value of those assets exceeds certain thresholds. See the instructions for this form for details.

Federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In most cases, affected taxpayers need to complete and attach Schedule B to their tax return. Part III of Schedule B asks about the existence of foreign accounts, such as bank and securities accounts, and usually requires U.S. citizens to report the country in which each account is located.

  • They serve in a combat zone or they have qualifying service outside of a combat zone, or

  • They serve on deployment outside the United States away from their permanent duty station while participating in a contingency operation. This is a military operation that is designated by the Secretary of Defense or results in calling members of the uniformed services to active duty (or retains them on active duty) during a war or a national emergency declared by the President or Congress.Deadlines are also extended for individuals serving in a combat zone or a contingency operation in support of the Armed Forces. This applies to Red Cross personnel, accredited correspondents and civilian personnel acting under the direction of the Armed Forces in support of those forces.Spouses of individuals who served in a combat zone or contingency operation are generally entitled to the same deadline extensions with some exceptions. Extension details and more military tax information is available in IRS Publication 3, Armed Forces' Tax Guide.
  •  
  • Visit IRS.gov for tax information

    Tax help and filing information is available anytime on IRS.gov. The IRS website offers a variety of online tools to help taxpayers answer common tax questions. For example, taxpayers can search the Interactive Tax Assistant, Tax Topics and Frequently Asked Questions to get answers to common questions. IRS.gov/payments provides information on electronic payment options.

 

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Qué significa una declaración de desastre para contribuyentes

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Qué significa una declaración de desastre para contribuyentes

Antes de que el IRS pueda optar por autorizar un alivio tributario para las víctimas de un desastre, la Agencia Federal para el Manejo de Emergencias (FEMA) debe emitir la declaración de un desastre. En general, el IRS autorizará el alivio tributario por desastre para todas las áreas identificadas en una declaración de desastre si FEMA identifica al menos un área que califique para su programa de asistencia individual.

Aquí hay algunos aspectos relacionados con los impuestos que a menudo suceden después de un desastre:

El IRS brinda a los contribuyentes más tiempo para presentar y pagar. Los contribuyentes cuya dirección de récord se encuentra en un área que califique para el alivio tributario por desastre del IRS recibirán automáticamente tiempo adicional para presentar declaraciones y pagar impuestos. La página de Ayuda y alivio por emergencia en casos de desastre para las personas y los negocios del IRS proporciona actualizaciones sobre desastres y enlaces a recursos. La información también suele estar disponible en la cuenta de Twitter del IRS. Los contribuyentes también pueden llamar a la línea de desastres de la agencia al 866-532-5227 si tienen preguntas.

Los contribuyentes pueden calificar para una deducción de impuestos por pérdidas fortuitas. Las personas que sufrieron daños o perdidas de propiedad debido a un desastre declarado por el gobierno federal pueden calificar para reclamar una deducción por pérdida fortuita. Pueden reclamar esto en su declaración de impuestos actual o del año anterior. Esto puede resultar en un reembolso mayor.

Las personas pueden solicitar un préstamo o subvención por desastre. La Administración de Pequeñas Empresas (SBA) ofrece ayuda financiera a propietarios de negocios, propietarios de viviendas e inquilinos. Esta ayuda es para aquellos en un área de desastre declarada por el gobierno federal. Para calificar, un contribuyente debe haber presentado todas las declaraciones de impuestos requeridas.

Los contribuyentes pueden necesitar una transcripción de la declaración de impuestos. Las personas que necesitan una transcripción de impuestos para respaldar sus reclamos por desastre pueden obtener transcripciones gratuitas al usar Obtenga su registro tributario para acceder inmediatamente a sus transcripciones en línea o para solicitar la entrega por correo. También pueden llamar al 800-908-9946 para solicitar la entrega por correo o enviar el Formulario 4506-T, Solicitud de Transcripción de Declaración de Impuestos (en inglés).

Las personas que necesiten una copia de su declaración deberán presentar el Formulario 4506, Solicitud de copia de la declaración de impuestos (en inglés). El IRS exonera las tarifas habituales y agiliza las solicitudes de copias de las declaraciones de impuestos para las personas que las necesitan para solicitar beneficios relacionados con el desastre o para presentar declaraciones enmendadas que reclaman pérdidas relacionadas con el desastre. Si presenta los Formularios 4506-T o 4506, el contribuyente debe indicar en el formulario que la solicitud está relacionada con el desastre y especificar el estado y el tipo de evento. Esto ayuda a acelerar el proceso.

Las personas que se mudan deben presentar un cambio de dirección. Después de un desastre, es posible que las personas deban mudarse temporalmente. Quienes se muden deben notificar al IRS de su nueva dirección (en inglés) al presentar el Formulario 8822, Cambio de dirección (en inglés).

El IRS alienta a los contribuyentes afectados a revisar todos los alivios federales por desastre en DisasterAssistance.gov.

Más información:

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Tax Tip 2022-83: Here’s what a disaster declaration means for taxpayers

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Issue Number: Tax Tip 2022-83


Here's what a disaster declaration means for taxpayers

Before the IRS can choose to authorize tax relief for disaster victims, the Federal Emergency Management Agency must issue a disaster declaration. Generally, the IRS will authorize disaster tax relief to all areas identified on a disaster declaration if FEMA identifies at least one area qualifying for their Individual Assistance program.

Here are some tax-related things that often happen after a disaster:

The IRS gives taxpayers more time to file and pay. Taxpayers whose address of record is in an area qualifying for IRS disaster tax relief will automatically receive extra time from the IRS to file returns and pay taxes. The IRS's disaster assistance page provides disaster updates and links to resources. Information is usually available on the IRS Twitter account as well. Taxpayers can also call the agency's disaster line at 866-532-5227 with questions.

Taxpayers can qualify for a casualty loss tax deduction. People who have damaged or lost property due to a federally declared disaster may qualify to claim a casualty loss deduction. They can claim this on their current or prior-year tax return. This may result in a larger refund.

People can apply for a disaster loan or grant. The Small Business Administration offers financial help to business owners, homeowners, and renters. This help is for those in a federally declared disaster area. To qualify, a taxpayer must have filed all required tax returns.

Taxpayers might need a tax return transcript. People who need a tax transcript to support their disaster claims can obtain free transcripts by using Get Transcript to access their transcripts immediately online or to request mail delivery. They can also call 800-908-9946 to request mail delivery or submit Form 4506-T, Request for Transcript of Tax Return.

People who need a copy of their tax return, should file Form 4506, Request for Copy of Tax Return. The IRS waives the usual fees and expedites requests for copies of tax returns for people who need them to apply for disaster-related benefits or to file amended returns claiming disaster-related losses. If filing Forms 4506-T or 4506, the taxpayer should state on the form the request is disaster related and list the state and type of event. This helps speed up the process.

People who relocate need to submit a change of address. After a disaster, people might need to temporarily relocate. Those who move should notify the IRS of their new address by submitting Form 8822, Change of Address.
The IRS encourages affected taxpayers to review all federal disaster relief at DisasterAssistance.gov.

More information:
FAQs for disaster victims

Share this tip on social media -- #IRSTaxTip:Here's what a disaster declaration means for taxpayers. https://go.usa.gov/xJYMF

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Friday, May 27, 2022

IRS video tax tip: ABLE Accounts

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Issue Number:  ABLE Accounts


Here is a video tax tip from the IRS:

ABLE Accounts English | Spanish| ASL

Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in English, Spanish and ASL.

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