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In IRS Tax Tip 2024-38 the IRS reminds taxpayers when they should file an Amended US tax return- math errors, missing income or other types of mistakes or errors

When a taxpayer should file an amended federal tax return US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | When a taxpayer should file an amended federal tax return

The IRS reminds taxpayers that they can log into irs.gov/payments and pay their income tax they owe using a US bank accounts, the IRS EFTPS system, or debit or credit card and access their IRS account online. https://bit.ly/3yb5fHj

Payments | Internal Revenue Service Make payments, view your account or apply for a payment plan with the IRS.

Under the SECURE 2.0 Change for Higher-Income Participants, starting in 2024, participants in 401(k), 403(b) and 457(b) plans whose prior-year wage income exceeds $145,000 (adjusted annually for inflation) can only make catch-up contributions to a company-sponsored designated Roth account.

However in Notice 2023-62, the IRS addresses these concerns by granting relief in the form of a so-called administrative transition period. Under the transition period relief, the effective date for the designated Roth account catch-up contribution change is extended to January 1, 2026. Until then, employers can ignore the SECURE 2.0 change and allow higher-income employees to continue making catch-up contributions that aren't made to designated Roth accounts.

Update on New Retirement Account Catch-Up Contribution Rules US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | Update on New Retirement Account Catch-Up Contribution Rules

Protax Team Building Event- July 24, 2024- At Color me Mine pottery painting upper West side Protax Consulting Services team building event With Jojo, Sara, and Rosie and me of course Marc!

A comprehensive discussion so you can evaluate whether a Health Savings Account is beneficial to You https://bit.ly/3xvQDC1

This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But currently, there are restrictions that make these deductions harder to take. https://bit.ly/45Bpz0T

In IRS FS 2024-11 the IRS discusses the differences between the Itemized Deduction and the Standard Deduction and the important details!

Deductions for individuals: The difference between standard and itemized deductions and what they mean US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | Deductions for individuals: The difference between standard and itemized deductions and what they mean

IRS reminds us in Tax Tip 2024-30 that for taxpayers that cannot file their 2023 US income tax returns by the April 15, 2024 deadline they may extend their 2023 filings to October 15, 2024 by filing Form 4868 filing, That this was an extension of time to file not to pay, as the payment penalty will not be postposed.

Taxpayers: Remember, an extension to file is not an extension to pay taxes Expert tax assistance from Protax Consulting Services. Remember, filing for an extension doesn't exempt you from paying taxes on time.

The IRS explains In Tax Tip 2024-26 to parents of adopted children in 2023 they may qualify for the adoption credit. That the credit can be applied to international, domestic, private and public foster care adoptions.

Adoptive parents: Don’t forget about the Adoption Tax Credit US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | Adoptive parents: Don’t forget about the Adoption Tax Credit

The IRS reminds taxpayers in Tax Tip 2024-21 IR-2024-18 that they must check the box indicating whether they received digital asset as a reward, award or payment for property or services or disposed of any digital asset held as a capital asset through an exchange, sale or transfer.

What taxpayers need to know about digital asset reporting and tax requirements US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | What taxpayers need to know about digital asset reporting and tax requirements

The IRS reminds taxpayers in IR 2024- 660 that the 2020 Covid-19 related Recovery Rebate Credit – Economic Impact Payment (IEP) payment for 2020 has a deadline of May 17, 2024 to claim after which the Statutory Period of Limitation on making the claim and filing the 2020 return runs out...

Time is running out: IRS encourages eligible non-filers in 2020 to claim their Recovery Rebate Credit before May 17 deadline US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | Time is running out: IRS encourages eligible non-filers in 2020 to claim their Recovery Rebate Credit before May 17 deadline

The IRS reminds taxpayers in IR 2024- 63 that taxpayers are generally required to report all earned income on their tax return, including income earned from digital asset transactions (and answering the digital Asset question at the top of the tax return) , the gig economy and service industry as well as income from foreign sources. Including a discussion on Foreign accounts and assets and (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

Taxpayers should report digital asset transactions, gig economy income, foreign source income and assets US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | Taxpayers should report digital asset transactions, gig economy income, foreign source income and assets

The IRS reminds taxpayers in Tax Tip 2023-123 that new starting January 1, 2024 Taxpayers who buy a qualifying new or used clean vehicle may be able to transfer their tax credits to the dealer in exchange for a financial benefit – such as a lower cost – The IRS then goes onto explain the benefits.

Clean vehicle credits can help car buyers pay less at the dealership US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | Clean vehicle credits can help car buyers pay less at the dealership

The IRS announces in IR-2024-06 that employers have until Tuesday, January 31, 2024 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.

IRS reminder: Jan. 31 filing deadline for employers to file wage statements, independent contractor forms US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | IRS reminder: Jan. 31 filing deadline for employers to file wage statements, independent contractor forms

The IRS reminds taxpayers in IR-2024-18 that they mist answer a digital asset question on the top of their Form 1040/ 1040NR 2023 US income tax returns as they did on their 2022 US income tax returns. The questions reads “At any time during 2023, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?” The IR defines a digital asset and when to check yes versus no to the question.

Taxpayers should continue to report all cryptocurrency, digital asset income US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | Taxpayers should continue to report all cryptocurrency, digital asset income

The IRS reminds taxpayer in FS-2024-02 of the five (5) filing statuses and of those the 2023 filing thresholds by filing statues. The benefits of filing, and instances where taxpayers may want to file even if they do not meet the minimum threshold filing requirements.

Here's who needs to file a tax return in 2024 US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | Here's who needs to file a tax return in 2024

Hear Ye Hear Ye read all about it—in IRS- IR2024-04--With the tweaking on the IRS platform form the upcoming 2024 tax season for the 2023 US tax year about to come to a close, the IRS reminds us that tax season will officially kick off January 29, 2024! Anchors away. With tax day on April 15, 2024 this year!

2024 tax filing season set for January 29; IRS continues to make improvements to help taxpayers US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | 2024 tax filing season set for January 29; IRS continues to make improvements to help taxpayers

Protax reminds taxpayers of the Individual Highlights of the Tax Year 2024 Effects of the 2017 TCJA (due to sunset on January 1, 2026) passed by ex-president Trump on December 22, 2017 that became effective January 1., 2018 and affected the Standard Deduction, tax brackets, the SALT Limitation on Itemized Deductions and a lot more...

Individual Highlights of the Tax Year 2024 Effects of the 2017 TCJA US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | Individual Highlights of the Tax Year 2024 Effects of the 2017 TCJA

The IRS announces with IR-2023-246 The IRS reminds taxpayers that are over 73 years of age that is born in 1951 must begin receiving payments from Individual Retirement Accounts (IRAs) and workplace retirement plans. The payments are called required minimum distributions (RMDs), even if they're still working. Account holders reaching age 73 in 2024 must take their first RMD by April 1, 2025, and each year thereafter.

IRS reminds those aged 73 and older to make required withdrawals from IRAs and retirement plans by Dec. 31; notes changes in the law for 2023 US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | IRS reminds those aged 73 and older to make required withdrawals from IRAs and retirement plans by Dec. 31; notes changes in the law for 2023

The IRS announces with IR-2022-239 2024 tax season standard mileage rates for business, medical, moving and charitable purposes.

IRS issues standard mileage rates for 2024; mileage rate increases to 67 cents a mile, up 1.5 cents from 2023 US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | IRS issues standard mileage rates for 2024; mileage rate increases to 67 cents a mile, up 1.5 cents from 2023

Here we go the IRS announces the Federally indexed Social Security Wages base for 2024, both OASDI which goes to $168,600 from or a max of $10,453.20 in tax and Medicare which has no wage base limit.

Social Security wage base, COLA set for 2024 US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | Social Security wage base, COLA set for 2024

As is usual this time of the year the IRS under Revenue Procedure 2023-34 using IR-2023-208 advises the tax practitioner community and taxpayers of the upcoming 2024 inflation increases to such items as tax rate brackets, and Standard Deductions and applicable phase out ranges for each, IRC Sec 911 Foreign Earned Income Exclusion now set at for 2024 $126,500, IRC Sec 877(A) Expatriation provisions 5 year annual income tax payable threshold now set at for 2024 $210,000 and Expatriation Exemption amount now set at for 2024 $866,000, and much, much more…

IRS provides tax inflation adjustments for tax year 2024 US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | IRS provides tax inflation adjustments for tax year 2024

As is usual this time of the year the IRS under Notice 2023-75 through IR-2023-2023 advises the tax practitioner community and taxpayers of the upcoming 2024 Pension Plan limitations as pertains to IRC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA's, Cat-up's and Defined Contribution Plans.

401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000 US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | 401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000

Protax explains that on August 25, 2023 the IRS postponed a mandate that was due to kick in starting in 2023 to 2026 for higher income tax earners making more than $145,000 that would have required their catch up contributions on 401(k)/ 403(b) and Thrift plans to be placed in after tax ROTH style IRA accounts versus pre tax accounts.

High Earners 50 and Up Get Two-Year Reprieve From IRS on 401(k) Rule US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation.

Protax explains the deductibility of interest as related to Mortgage interest, Investment interest Business interest, Student loan interest and Personal interest.

Deposit Interest into Five Tax Buckets US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation.

The IRS in Tax Tip 2023-18 explains to taxpayers wanting to set up a business the different business structure types, how to choose a tax year end, obtain an EIN and set up employees.

Tax basics for setting up a business US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation. | Tax basics for setting up a business

The IRS reminds taxpayers with Tax Tip 2023-110 how they can help determine if a charity is legitimate.

Tips to help taxpayers make sure their donations go to legitimate charities US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation.

Protax explains the income phaseout ranges based upon filing status now that the student loan pause is coming to an end!

Can You Deduct Student Loan Interest on Your Tax Return? US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation.

Protax revisits IRC Sec 121- Exclusion of Gain on Sale of Principal Residences-.rules re the 5 year window, the use and ownership tests, the 2 year rule and that the home must be your Main Home.

Selling Your Home for a Big Profit? Here are the Tax Rules US Expat expatriate and foreign national extensive tax focus, including high-net worth and representation.