Tuesday, July 19, 2016

US Expatriates Face Up to 13 Days to Complete ALL Required US Tax Forms!

Moodys Gartner a tax advisory law & chartered accounting firm has a chart where they estimated that the amount of time US expats spend filing their statutory tax declarations.

An analysis of this chart, considering only the most common types of forms that need to be filed annually for most ex-pats, indicate that it takes roughly 106 hours or 13 working days to for an Ex-Pat to complete the necessary forms for his/her annual US tax filing.

Depending on the complexity of the taxpayer's foreign country's tax affairs, the US Internal Revenue Service's estimate exceeds 25 working days for an Ex-Pat to complete the necessary forms for his/her annual US & Foreign Country's tax filings.

Now it's more important than ever for Ex-pats to file the return, as we previously posted Tax Delinquents May Have Passports Canceled, where we discussed that the bill, known as the Trade Facilitation and Trade Enforcement Act of 2015 (S. 1269), was approved by on May 13, 2015 and signed into law by President Obama on February 24, 2016 .

It includes amendments to the tax code that would allow authorities to revoke or deny the passport of any US taxpayer who has unpaid taxes in excess of $50,000 or who have not obtained or won’t provide a Social Security number.

Need Help With Your Ex-Pat Return?

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

for a FREE Tax Consultation
Toll Free at 888-8TaxAid (888)882-9243.

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