[Nononymous]

Thank you.

Any anecdotal reports of banks being less strict about FATCA requirements, now that the IRS is likely to be a smoking crater for quite some time to come?

 

[Greenback]

Thank you.

Any anecdotal reports of banks being less strict about FATCA requirements, now that the IRS is likely to be a smoking crater for quite some time to come?

We have heard nothing of the sort so far. We are still seeing our clients receive FATCA rules/regulations and the request for W9 forms when creating foreign bank s.

 

[Nononymous]

We have heard nothing of the sort so far. We are still seeing our clients receive FATCA rules/regulations and the request for W9 forms when creating foreign bank s.

Too bad, for those who are unable to conceal US citizenship or birthplace. Perhaps that will happen if the crisis deepens and renunciations become impossible.

 

[Greenback]

For those interested, here are the details for our webinar tomorrow. We will be going over all the IRS changes related to the Coronavirus pandemic.

https://www.greenbacktaxservices.com/blog/webinar-coronavirus-tax-changes-you-should-know/

 

[Nononymous]

Two questions:

I just saw something on the CNN site suggesting that the $1200 “stimulus check” would go to anyone with Adjusted Gross Income below $75,000 on their 2018 or 2019 tax return. Isn’t the AGI the number you get *after* taking the FEIE? This would make it a nice little bonus for many well-paid non-residents.

Also, can you file a US tax return with a PO Box or a mail-forwarding service, instead of a street address?

 

[Nononymous]

Please do keep us posted as the details of this program emerge. Seems like an easy way to score half the renunciation fee!

 

[Greenback]

Hi All,

Here is an on-demand copy of the webinar if anyone would like to have a listen. It goes over questions related to the stimulus checks as well as many others (over 70 questions were answered during our live Q&A).

https://www.greenbacktaxservices.com/tax-webinars/coronavirus-tax-changes/

Nononymous, right now the details are still up in the air as to how exactly they will consider those who take the FEIE. As they release firm guidance we will keep everyone updated. It is supposed to be based on AGI, so in that event those taking the FEIE could still have the option to receive it if earning over 75k.

When it comes to the mailing address, the IRS will send to most mail forwarding services but they will only send to a PO box if mail is unable to be delivered to your home address.

 

[Nononymous]

Hi All,

Here is an on-demand copy of the webinar if anyone would like to have a listen. It goes over questions related to the stimulus checks as well as many others (over 70 questions were answered during our live Q&A).

https://www.greenbacktaxservices.com/tax-webinars/coronavirus-tax-changes/

Nononymous, right now the details are still up in the air as to how exactly they will consider those who take the FEIE. As they release firm guidance we will keep everyone updated. It is supposed to be based on AGI, so in that event those taking the FEIE could still have the option to receive it if earning over 75k.

When it comes to the mailing address, the IRS will send to most mail forwarding services but they will only send to a PO box if mail is unable to be delivered to your home address.

Fabulous. Thanks. Suddenly a 50 percent discount on renunciations, without having to cough up your real address!

 

[Greenback]

Fabulous. Thanks. Suddenly a 50 percent discount on renunciations, without having to cough up your real address!

Well you will need to have filed tax returns in order to be eligible for the stimulus. At a minimum 2018 or 2019 will need to be on file.

 

[Nononymous]

Well you will need to have filed tax returns in order to be eligible for the stimulus. At a minimum 2018 or 2019 will need to be on file.

Yes, understood. A simple 1040 with an income level under the FEIE should do the job. No need to use one's real address either, with a mail forwarding service.

 

[Nononymous]

In media coverage of the stimulus plan I have seen reports of "a so-called simple tax return the IRS plans to release in the coming weeks." This is apparently necessary due to the large numbers of non-filers in the US who would otherwise not receive their checks. If you learn any more about this simplified form, and whether it would apply to non-residents, please let us know.

 

[Bevdeforges]

In media coverage of the stimulus plan I have seen reports of "a so-called simple tax return the IRS plans to release in the coming weeks." This is apparently necessary due to the large numbers of non-filers in the US who would otherwise not receive their checks. If you learn any more about this simplified form, and whether it would apply to non-residents, please let us know.

I can answer that one - it was supposed to be for people on US SS benefits who aren't required to file a tax return (due to insufficient income other than their SS benefits).

They just came out today or yesterday with a "correction" in that those receiving US SS benefits are already known to the SS istration and they'll be getting their bonus payment directly into their bank s if they have their benefits direct deposited.

Still no word whether overseas taxpayers will get the bonus (though they/we did last time they did this sort of thing). I'm hoping they just haven't thought about this side of things yet and so, in their usual confusion, just pay out the money to everyone who filed in 2018 or 2019.

 

[Nononymous]

Yeah, it's all still pretty fluid. By virtue of being a dual in Canada I'm currently a big fan of non-compliance and not renouncing, because the situation is so easy: the IRS never bothers anyone and FATCA is easily avoided by not disclosing US birthplace or citizenship when opening bank s. But suddenly this crisis may present the opportunity to obtain a free or heavily discounted CLN courtesy of the US government. File a 2019 tax return, wait for the check or checks to arrive, then renounce.

 

[Greenback]

Wanted to share a few more resources when it comes to the IRS changes due to the pandemic as well as details about the stimulus checks.

The good news is that as of right now, expats should receive them so long as you have filed the 2018 or 2019 tax return and you are under the income thresholds.

Below is what we know so far- as more details are released we will be updating our website and keeping everyone informed.*

https://www.greenbacktaxservices.com/blog/coronavirus-pandemic-irs-tax-deadlines-you-should-know/

For individuals that income threshold is $75,000 ($150,000 if married filing tly). The payments are gradually reduced by $5 for each $100 above the $75,000/$150,000 thresholds.

This means that those earning over $99,000/$198,000 (if filing tly) will not receive a payment.

As of right now most taxpayers do not need to do anything to receive the check. The IRS will use the address of your most recently filed tax return to send the check to. If you included direct deposit details on your most recent return, they will directly deposit the check.

Also, the Treasury plans to develop a web based portal in the coming weeks for people who don't have their bank details on file to provide their bank details and receive direct deposit versus a paper check.

More information on the checks can be found on the IRS site here:

https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

I hope this helps!

 

[Nononymous]

Could you confirm that the key number for eligibility is AGI, not income? So actually a non-resident earning up to $180,000 while claiming the FEIE would be entitled to the full amount.

 

[Greenback]

Could you confirm that the key number for eligibility is AGI, not income? So actually a non-resident earning up to $180,000 while claiming the FEIE would be entitled to the full amount.

Right now everything is saying AGI only, which means that even those who earn over the income thresholds could also qualify assuming they take the FEIE and their AGI is below the limit.

However, nothing firm has been released that specifically clarifies the rules surrounding FEIE and AGI, so there is a chance that these folks would not be eligible if the IRS catches on.

Right now it is up in the air and unless something is released before then, I suppose we will see once the checks begin to go out.

 

[Greenback]

More updates regarding the stimulus checks!

The IRS has launched a tool for those who are not required to file tax returns that allows them to give their payment details and receive the stimulus check. This would be ideal for folks who earn under the income thresholds (approximately 12k for single individuals and 24k for married filing tly) and have not been required to legally file tax returns.

More details on how to apply for that can be found here:

https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here

 

[Moulard]

Alas doesn't those who have already filed but did not provide information as it wasn't necessary.

Although it looks like that is coming soon.

https://www.irs.gov/coronavirus/economic-impact-payments

 

[Greenback]

Alas doesn't those who have already filed but did not provide information as it wasn't necessary.

Although it looks like that is coming soon.

https://www.irs.gov/coronavirus/economic-impact-payments

Yes, the Treasury is supposed to be developing an online portal for people to update their direct deposit details. I anticipate that program will only allow US bank s to be entered, but we will see once it is live.

 

[Nononymous]

Yes, the Treasury is supposed to be developing an online portal for people to update their direct deposit details. I anticipate that program will only allow US bank s to be entered, but we will see once it is live.

It's now super easy to obtain a US routing and number with Transferwise.