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 Reporting foreign income and filing a tax return when living abroad
The IRS reminds us under Tax Tip 2023-36 that American taxpayers that they must report and pay US income tax on their worldwide income, and can use the Foreign Earned Income Exclusion found on Form 2555 and the Foreign Tax Credit found on Form 1116 to reduce or eliminate their U
21 March 2023 | 5:00 pm

 Taxpayers should know that an extension to file is not an extension to pay taxes
IRS reminds us in Tax Tip 2023-30 that for taxpayers that cannot file their 2022 US income tax returns by the April 18, 2023 deadline they may extend their 2022 filings to October 16, 2023 by filing Form 4868 filing, That this was an extension of time to file not to pay, as the
8 March 2023 | 5:00 pm

 IRS: Updates to question on digital assets; taxpayers should continue to report all digital asset income
The IRS reminds taxpayer though IR-2023-12 that for the 2022 tax filings in 2023 once again the IRS has again changed the question on the Form 1040 re ‘Virtual Currency’ dabbling, renaming it to ‘Digital Assets’ and defining what a Digital Asset is and wh
24 January 2023 | 9:40 pm

 The adoption tax credit helps families with adoption-related expenses
The IRS explains In Tax Tip 2023-06 to parents of adopted children that taxpayers who adopted or started the adoption process during 2022 should review the rules around the adoption credit and the amount of the credit increases for qualified taxpayers. The adoption tax credit le
23 January 2023 | 9:00 pm

 IRS reminds employers of Jan. 31 deadline for Form W-2, other wage statements
The IRS announces that have until Tuesday, January 31, 2023 to issue and files Form W-2 wage statements with the IRS and to employees. Due same date are Form 1099-MISC and 1099-NEC. The Internal Revenue Service today reminded employers and other businesses to file Tax Year 2022
18 January 2023 | 5:30 pm