Monthly Archives: February 2022

According to Law360 the House of Representatives approved a stopgap federal government funding bill  on February 8, 2022 that would keep the U.S. Department of the Treasury, the Internal Revenue Service and other federal agencies open through March 11, 2022.

The Further Additional Extending Government Funding Act, or H.R. 6617, which passed the House by a 272-162 vote, is intended to give House and Senate negotiators time to complete work on an omnibus budget bill for the remainder of fiscal 2022, House Appropriations Committee Chair Rosa DeLauro, D-Conn., said. 

President Joe Biden signed the current continuing resolution into law in early December as well as an earlier short-term funding bill that Congress passed in late September, narrowly averting a government shutdown. 

Have an IRS Tax Problem?

 Contact the Tax Lawyers at
Marini & Associates, P.A. 

for a FREE Tax HELP Contact us at:
www.TaxAid.com or www.OVDPLaw.com
or Toll Free at 888 8TAXAID (888-882-9243) 

Read more at: Tax Times blog

Third-party payment networks, such as PayPal and Venmo, must report to the IRS any transactions for goods or services in excess of $600 starting this year. 

The change was made to capture income made by gig workers and entrepreneurs with a side hustle. In the past, companies were only required to send an IRS Form 1099-K for gross payments exceeding $20,000 and more than 200 transactions within a calendar year.

This new rule won’t affect 2021 federal tax returns, but now is the time to get ready for next year. 

If you’re sending or receiving money through one of these apps, you need to be proactive in making sure you aren’t mistakenly sent a 1099-K.

The House’s Build Back Better Proposal would have separately required third-party payment networks to apply backup tax withholding to such payments. However, the Build Back Better Proposal did not pass in 2021. 

But the IRS is aware of this leakage or revenue from third-party payment networks, such as PayPal and Venmo and will continue enforcement efforts to ensure the taxpayers properly report income from these third-party payment networks.

Have an IRS Tax Problem?

 Contact the Tax Lawyers at
Marini & Associates, P.A. 

for a FREE Tax HELP Contact us at:
www.TaxAid.com or www.OVDPLaw.com
or Toll Free at 888 8TAXAID (888-882-9243) 

Read more at: Tax Times blog

If you're upset about that:

• Trump Did Not Win the Election.
  (or maybe in your mind he did with the election?)
• The Democrat's Now Control the House & the Senate.
• Obama-Care with its associated additional 3.8% Obama Care Tax makes you feel like leaving the country?

• You're so sick of liberal Democrats trying to socialize the United States by taxing wealthy people?

• Or maybe you're a naturalized U.S. citizen or permanent resident who has prospered here, but would now like to move back the old country for retirement or to start a new  venture?

Henley & Partners in partnership with Deep Knowledge Analytics launched the Best Investment Migration Real Estate Index, which is a unique new analytical tool to assess investment migration programs offering real estate investment as a pathway to residence rights or citizenship acquisition.

This etric considers over 30 parameters and over 300 data points to score and compare program options worldwide according to key considerations such as quality of life in the host country, GDP, the minimum real estate investment amount, potential rental income, associated property costs, application processing efficiency, the real estate holding period, residence requirements, any restrictions, and salability, as well as crypto-friendliness, which is gaining in importance among global investors.

The key takeout from this research is that there is a vast range of opportunities available to strengthen and diversify your investment portfolio while simultaneously expanding your domicile options via investment migration. The Best Investment Migration Real Estate Index is designed so that you can select the parameters that matter most to you and your family, and make an informed, data-driven decision about what is best for all.  

Should I Stay or Should I Go?

Need Advise on Expatriation?

 

Contact the Tax Lawyers at 

Marini & Associates, P.A.   

for a FREE Tax Consultation contact us at:

www.TaxAid.com or www.OVDPLaw.com 
or Toll Free at 888-8TaxAid (888) 882-9243

Read more at: Tax Times blog

 2020 was a record year for Americans giving up their citizenship:

• A record 6,705 Americans gave up their citizenship in 2020
• A 260% increase from 2019 when 2,577 Americans gave up their citizenship
• Renunciations triple despite U.S. consulates being closed for large parts of the year due to COVID-19
• This is the highest year on record; the previous record was 5,411 cases in 2016

There are an estimated 9 million U.S. Americans living overseas. Every three months the U.S. Government publishes the names of all Americans under the IRS rules (section 6039g), who give up their citizenship. 

This number possibly would have been higher if U.S. Embassies worldwide had not been closed for large parts of the year due to COVID-19 regulations. If this trend continues 2021 renunciation numbers will be record-breaking.

Surprisingly enough, it's not only politics that drive renunciations but also a law called Foreign Account Tax Compliance Act (FATCA). This law forces banks outside the U.S. to report all American account holders under threat of astronomical fines. Banks now want to rid themselves of U.S. clients as they pose a liability. Many Americans living outside the U.S. are therefore forced to renounce and provide a Certificate of Loss of Nationality (CLN) to keep their banking services.

U.S. citizens that renounce must pay a $2,350 government fee and appear in person at the U.S. Embassy in their country of residence. In addition, a complete tax return must be filed and exit tax might be owed. Despite these obligations, there has been a growing trend of U.S. citizens renouncing.

"The onerous and costly tax reporting obligations also play a big role. People with a U.S. citizenship or Greencard must file their taxes regardless of where they live in the world every year. They also need to report every single bank account (FBAR), even if they are only authorized to sign, which feels intrusive for many."

Ironically, the U.S. stimulus checks of $1,200 + $600 are also being used towards the cost of renouncing, a difficult, irreversible decision with a profound impact on an individual's life, especially in these difficult, special times.

Should I Stay or Should I Go?

Need Advise on Expatriation?

 

Contact the Tax Lawyers at 

Marini & Associates, P.A.   

for a FREE Tax Consultation contact us at:

www.TaxAid.com or www.OVDPLaw.com 
or Toll Free at 888-8TaxAid (888) 882-9243

Sources

PRNewswire

HKLaw

Read more at: Tax Times blog