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Oops, posted this in the wrong channel ๐Ÿ˜…
headed back to the states 3 months into trying to do FEIE, rather play it on the safe side than save some $
Couldn't pay me to return to the US during a health crisis...
I echo that sentiment as well. Things are about to get really bad in the US. Plus, traveling back now I would also risk getting infected and/or infecting family.
This one is the clincher to me. My parents really want me to come stay with them, but that's the last place on earth I'd want to go after being on a plane, as much as I'd love to see them
Same here. My dad just recovered from beating cancer but his immune system is no bueno, so I'm avoiding them for a while. Sucks.
Once again, you learn something new everyday in this channel ๐Ÿ™‚
Isnโ€™t it cheaper not to be in the US in a health crisis?
My parents were trying to get me to come stay with them in Korea and I had to point out that I might be infected (or get infected on the Petri dish I mean plane) and they're on the wrong side of 60
My mom is totally understanding that I'm staying in Mexico. Especially when I showed her pictures of aisles full of TP and she has pictures of empty shelves
Rather be with family
Obviously the US has its issues
being with family, and potentially infecting them from my travels, is not worth potentially tens of thousands in medical bills.
Iโ€™d like to be with family too, but Iโ€™m not going to risk exposing them to stuff.
especially with a father who has a touchy history with respiratory issues
and going back to the US to some other place doesnโ€™t seem worth it at this point. rather just hunker down
same, i'm not going to risk my family
we have good video chat capability now
I'm pretty sure my parents would be the ones infecting me, but not going to risk it either way.
That's awesome! I've never done that before with my team but we totally should
I bit the bullet and bought a ticket home. It just feels too uncertain being far from anything familiar. And my husband's friend has fallen off the wagon and is going out drinking every night til the wee hours. He has found a lot of friends to play pool with and shake hands with and I can't even imagine how many germs he is picking up and bringing back to the Airbnb!!
Yikes! Safe travels znovtwksckem
Thanks! I really hope they stay safe down there. They aren't seniors but at 55 that's not exactly young either
Iโ€™m surprised to see the worry about infecting family because youโ€™re not currently in the US. Seems like the US is already doing worse than most place save a very short list of countries. Would someone coming from south or Central America be riskier than whoever they cross paths with doing errands?
Whatever rando they're crossing paths with was likely not stuck in an unsanitized tin can for hours with potentially sick people in situations where hygiene is less than simple to maintain.
When I was flying, I disinfected what I could and washed and gelled my hands about a million times and was still at significantly higher risk because I was risking hours of exposure to many more people from all over the world. Now that I'm in a single place I just worry about when I'm out, which is the exception and much more limited duration.
So yeah, anyone traveling from anywhere is significantly higher risk than people who are just staying in one place.
veqfwfnpghlw yikes is he just unaware of the situation unfolding worldwide, or just don't care? At this point I feel like people need to be socially shamed into more responsible behaviors for the collective good.
rbzfchulewk my husband is a huge risk-taker, while I'm always overly cautious. It is a dynamic that started off being funny and has ended up becoming quite stressful and frustrating for both of us. ๐Ÿ˜ž
just the though makes me cringe....
would opening a SEP IRA be a smart move? what effect does that have on my FEIE claims?
You won't be able to use any income that you are excluding via the FEIE to fund it, so you'll need to make sure that any relevant math is done on non-excluded income.
Don't forget that today is the filing deadline for S-corps (and others? I just have an s-corp so that's all I know) so either file or get your extension filed.
S-Corps and Partnerships are due today ๐Ÿ“†
_p.s., feel free to ping me if you need help with this_
Update on Tax Day 2020

The IRS has decided to waive interest and penalties on tax payments from 4/15/2020 to 7/15/2020.

What does this mean for you?

Without an extension, the personal tax filing deadline is still 4/15/2020.

If you have a balance due, you're given an extension to 7/15/2020 to pay this without incurring any additional cost

For American living abroad on 4/15/2020, your tax filing date is extended to 6/15/2020.

If you need additional time, please speak to your tax professional about a 6 month extension to 10/15/2020
ssutcafqwf Is there any indication that refunds might be delayed?
does not seem to apply to estimated taxes or (obviously) state taxes ๐Ÿ˜ž
oagbmhqpw not so far.

This is basically an economic stimulus measure, designed to keep money in people's pockets longer so they can spend it in the economy.
NYCโ€™s tax residency is based on domicile, i.e. where your permanent home and day-to-day life is, which has little to do with where your โ€˜on-paperโ€™ address is. Iโ€™ve read extensively on this, let me know if you want to chat!
I worked remotely from overseas for a US employer in 2019 and received a W2. Can I file taxes on turbo tax and claim FEIE or is it better to work with CPA?
fqgppr yes you can do that within TurboTax
aslpldrn as a W-2 employee it isnt very hard to do that within turbotax so id go that route
I just switched back to being a W2 employee and its AMAZING
They do everything for you. No quarterly filing. Dealing with health insurance plans, setting up your own 401k
I feel like that's overselling it a little ๐Ÿ˜›
but yes that side of it is definitely nice
Just little things
I dropped out of hte accounting program in college for a reason (no offense)
not sure why i'd be offended lol
As someone who finds paperwork more difficult than my job, I get it!
I did an internship with Deloitte and then changed majors ๐Ÿคฃ
I don't blame you
I was supposed to have my taxes done March 16, but my CPA is sick (!!). I haven't heard since he cancelled
I owe so I'm not in a huge hurry, but I like to know the damage at least ๐Ÿ™‚
He cancelled your taxes?
wblcdjal although, no room for any structuring
i would like someone to cancel my taxes
he cancelled the appointment, not the taxes ๐Ÿ˜‰
Thatโ€™s what i meant. ๐Ÿ˜ฌ
Happy to help if you need a backup!
I'll let ya know ๐Ÿ™‚
?? not sure I follow haha
I can confirm that xfqyoldfor is pretty good at cancelling taxes ๐Ÿค—
You can't do corp2corp, for example
Generally W2 means your income is your income, and your company's
Ahh yes. There are creative ways to pay less taxes haha
The IRS has decided to push the tax filing deadline to July 15th. No news yet on what this means for Americans living abroad or the extension deadline
If I file on time, would this mean I could pay what I owe by July with no penalty?

Also, for those who owe estimated payments, the 4/15 and 7/15 payments are extended to 10/15
Weโ€™re talking taxes on FB Live

Right now, all efforts so far have been for economic stimulus, so refunds are still being processed. Taxpayers are encouraged to continue to file to receive refunds
My CPA is also sick
like covid sick or normal sick?
...or like Beastie Boys ill?
I still havenโ€™t heard from him but I owe and the new deadline is July 15. Thanks California too
fvfhhlfnww I asked my CPA about filing and extensions last week and he said that some of the US states havenโ€™t yet followed the IRS in the automatic extension (California had, Oregon had not at the time we talked). I imagine all States will follow suit before April 15, but wanted to see what youโ€™ve heard.
I haven't heard anything yet, but it is expected that all states will follow the federal guidlines
Anyone know whether FEIE days are suspended given the govt wants all Americans to return home?
There are exceptions built in but I donโ€™t know if thereโ€™s a determination yet from what I understand
Both the bona fide residence test and the physical presence test have minimum time requirements. However, the minimum time requirements can be waived if you must leave a foreign country because of war, civil unrest, or similar adverse conditions in that foreign country.

Early each year, the IRS publishes an Internal Revenue Bulletin with a list of the only foreign countries for which the minimum time requirements are waived for the prior year and the effective dates.
So the hope is they will publish a global exemption
Based on cdc saying itโ€™s unsafe to be anywhere in the world
But.. whether they will... tune in and find out next year I guess?
Thatโ€™s interesting. I didnโ€™t realize there were countries where it was waved. I assume you have to use the physical presence test in those particular countries?
gonkuyzezxiyo since when does the us want Americans to return home?
They sent out email to all US citizens saying US citizens overseas who are not resident anywhere else should return to the US at the earliest opportunity before flights cease
Wow crazy, I didnโ€™t get that or hear about it. Doesnโ€™t apply to me anyway but pretty serious
the messages that i got (us + chile) basically said that _if_ you wish to return to the US, this might be your last chance for the indefinite future.
but they weren't pressuring to do it, even after talking to the embassies
The official level 4 warning says

The Department of State advises U.S. citizens to avoid all international travel due to the global impact of COVID-19. In countries where commercial departure options remain available, U.S. citizens who live in the United States should arrange for immediate return to the United States, unless they are prepared to remain abroad for an indefinite period
I got an email from the US Consulate in Las Palmas saying that since the Spanish government is extending visas, they actually recommend that I stay here if I can.
> U.S. citizens who are residents of Spain, and/or have access to long-term accommodation and the financial means to remain in Spain for an extended period, should consider deferring travel at this time. Spanish authorities will not count the days spent in Spain during the State of Alarm against the 90-day limit for those who wish to remain.
Oh cool
I wonder if thatโ€™s eu wide
Likely, but I think it technically depends on each country
each country will handle it differently but the EU put out a general statement that basically said that no one will be punished for overstaying. i'm valid until early june on my current schengen visa. i'll cross that bridge when it's closer.
USD โ”€ $

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