Are you a U.S. expat living abroad or Green Card holder? Take note of this advice as the 2019 tax deadline is near.
Tax season is almost here, and with it comes all the usual issues of paperwork and confusion. But this year might be especially difficult as there are several new developments on the tax front.
Here are some things you need to know when filing this year.
1. Tax accountants get swamped closer to tax season
The earlier you start collecting documents and figuring out how you are going to file your taxes, the better. Many accountants might find themselves too busy to help procrastinators who wait until April to start the process. Early preparation for filing helps avoid everything from document issues to accountant time constraints.
2. The IRS is trying to prevent identity theft
The IRS continues to be concerned about tax-filing-related identity theft. The IRS is expected to partner with state tax administrators and tax leaders to protect consumers against identity theft refund fraud by using more than 20 data elements on tax returns this year.
3. IRS customer service levels might be low — again
It is no secret that the IRS’ resources are stretched and the 2019 tax season will be no different.
4. The IRS has a program to exchange your account information
The Foreign Account Tax Compliance Act (FATCA) “requires certain U.S. taxpayers who hold foreign financial assets with an aggregate value of more than the reporting threshold — at least $50,000 — to report information about those assets on Form 8938, which must be attached to the taxpayer’s annual income tax return,” states the IRS. Those who fail to do so could face stiff penalties.
So, there are many items to look forward this tax year, let’s get a head start now so that we can start enjoying that refund.
I hope you’ve found this article on the 2019 Tax Deadlines to be helpful.
Cover image: Pixabay