American expats 'must be included in covid-19 legislative relief efforts'

International Investment (March 27, 2020)

American expats 'must be included in covid-19 legislative relief efforts'

By Christopher Copper

'All too often, the organisation says, citing the recent Tax Cuts and Jobs Act, 'consideration has not been given to how changes will affect the community of Americans overseas.'  

ACA highlights that attention to such issues as deadlines, the mechanics of refunds, limitations based on gross income, and loans to small businesses, are needed as these may differ from how the IRS and Treasury deals with these for US citizens living in the United States.

Marylouise Serrato, ACA executive director, said: 'The Congress, Treasury and IRS must ensure that Americans overseas are treated equitably.  In many cases, American citizens overseas claim foreign tax credits, resulting in little or no US tax liability, even though they have significant adjusted gross income. These individuals should not be adversely affected, and they should not be subject to reduced refunds/credits.''

Read More...