US Tax & Banking Articles

2021 IRS Personal Income Tax - Key Information

April 18, 2022

• file individual tax return (Form 1040) - for expats, this deadline is automatically extended until June 15, 2021
• file Report of Foreign Bank and Financial Accounts (FBAR) - or simply wait until October 17 - the automatic extension deadline

Note: Expat children with foreign financial accounts are also required to file FBARs

• to avoid late payment penalties, make a payment...

06 May 2022

Tax & Banking Disclaimer

Disclaimer

The purpose of these pages is to inform, share and explain US tax reporting needs as well as banking and legal constraints to US citizens abroad. This is NOT individualized, professional tax, legal or banking advice for your particular situation.

While we make every effort to keep the information here current and accurate, neither FAWCO, nor the authors accept...

05 January 2023

Economic Impact Payments (EIPs) and Recovery Rebate Credit 2020

By Olga Kocybik, CPA, AIWC Dusseldorf

Economic Impact Payments (EIP), also known as stimulus payments or recovery rebates, are payments to eligible taxpayers due to the COVID-19 pandemic. There have been two payments issued:

First EIP: eligible taxpayers that filed either 2018 or 2019 returns automatically received their checks of $1,200 per individual plus $500 for each qualifying child around April-June of...

09 March 2021

Recovery Credit Rebate Worksheet

If you didn’t get the full Economic Impact Payment, you may be eligible to claim the Recovery Rebate Credit

The IRS and Treasury have issued all first and second Economic Impact Payments.

If you didn’t get any Economic Impact Payments or got less than the full amounts, you may qualify for the Recovery Rebate Credit and must file a 2020...

09 March 2021

A Checklist of Tax Year 2020 Tax Dates and Changes

By Olga Kocybik, CPA, AIWC Dusseldorf 

If you are a US citizen or resident alien living outside the United States, even though you may not owe any US tax, you generally are required to file US income tax returns, estate tax returns, and gift tax returns.  Some may also be required to file a state or local tax return.

Regardless of...

09 March 2021

CARES ACT Stimulus Payments Series: Common issues applicable to expatriates and their dependent children

By Olga Kocybik, CPA, US Tax & Banking Committee Chair, AIWC Düsseldorf

NOTE:  At the end of this article you will also find direct links for general  COVID-19 payment information

I.  Introduction

Citizens of the United States and US resident aliens (such individuals also defined by the Internal Revenue Service (IRS) as US Persons will, in this article regardless of...

22 June 2020