Taxes Us Chat

bwmqhaqr18d

Oops, posted this in the wrong channel 😅

txqmxdq17d

headed back to the states 3 months into trying to do FEIE, rather play it on the safe side than save some $

eoanwbuxpdbib17d

Couldn't pay me to return to the US during a health crisis...

zexheniagn17d

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.

ssbboedxqokq17d

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

qeixizlaktraktj17d

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.

oqealynuk17d

Once again, you learn something new everyday in this channel 🙂

nhtmusxwb17d

Isn’t it cheaper not to be in the US in a health crisis?

kfhbwnaechnlf17d

yep

zymuhqjdqcx17d

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

qseuwodaqcici17d

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

loorsjq17d

Rather be with family

bebviti17d

Obviously the US has its issues

hduxjgqrtvddj17d

being with family, and potentially infecting them from my travels, is not worth potentially tens of thousands in medical bills.

ludtkaipfr17d

I’d like to be with family too, but I’m not going to risk exposing them to stuff.

hyddtdyyvl17d

especially with a father who has a touchy history with respiratory issues

mgkuywbfny17d

and going back to the US to some other place doesn’t seem worth it at this point. rather just hunker down

wqaxtlbzinktfcwr17d

same, i'm not going to risk my family

igriioaoqpbdhejy17d

we have good video chat capability now

nkxbxtbrsqh17d

I'm pretty sure my parents would be the ones infecting me, but not going to risk it either way.

zwgvyhbhaky17d

That's awesome! I've never done that before with my team but we totally should

dknnpvjvucj17d

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!!

bnziveldrxpr17d

Yikes! Safe travels znovtwksckem

ckarhcckzfp17d

Thanks! I really hope they stay safe down there. They aren't seniors but at 55 that's not exactly young either

gpfag16d

I’m surprised to see the worry about infecting family because you’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?

nxggcgkkagabw16d

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.

sbzqnathhnecq16d

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.

ldbmujlirjykg16d

So yeah, anyone traveling from anywhere is significantly higher risk than people who are just staying in one place.

jyjiurugln16d

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.

nmkdsiozxah16d

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. 😞

mulsvj16d

just the though makes me cringe....

nfrpwsycmw15d

would opening a SEP IRA be a smart move? what effect does that have on my FEIE claims?

fznterekdkhvpwtb14d

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.

anaiynusbuxtajfc14d

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.

clkkaclxp14d

S-Corps and Partnerships are due today 📆

udiurkxgn14d

_p.s., feel free to ping me if you need help with this_

agisovpnf14d

www.forbes.com/sites/kellyphillipserb/2020/03/12/heres-what-we-know-about-extensions-other-tax-relief-due-to-coronavirus-concerns/#625968dd3412

dmxnvthvp13d

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

gradzmuc13d

ssutcafqwf Is there any indication that refunds might be delayed?

klijtx13d

does not seem to apply to estimated taxes or (obviously) state taxes 😞

uaweoucdn13d

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.

sfqcknhq13d

Thanks!

udicftkif12d

NYC’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 ‘on-paper’ address is. I’ve read extensively on this, let me know if you want to chat!

kbkvppp12d

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?

pnlfbavb12d

fqgppr yes you can do that within TurboTax

nkwcpxowlczndqea12d

aslpldrn as a W-2 employee it isnt very hard to do that within turbotax so id go that route

jfrnikp12d

I just switched back to being a W2 employee and its AMAZING

vupsuog12d

They do everything for you. No quarterly filing. Dealing with health insurance plans, setting up your own 401k

hnindqlcgybooakw12d

I feel like that's overselling it a little 😛

qmmljtuljvstavzw12d

but yes that side of it is definitely nice

vixzkaw12d

Just little things

nhbbkiq12d

I dropped out of hte accounting program in college for a reason (no offense)

orqoqewkuwiowraa12d

not sure why i'd be offended lol

zpuzuoxy12d

As someone who finds paperwork more difficult than my job, I get it!

gfbtftc12d

I did an internship with Deloitte and then changed majors 🤣

bxqdxklol12d

I don't blame you

vzkmdjh12d

I was supposed to have my taxes done March 16, but my CPA is sick (!!). I haven't heard since he cancelled

naukmyv12d

I owe so I'm not in a huge hurry, but I like to know the damage at least 🙂

wmduelmip12d

He cancelled your taxes?

edguoptjavzn12d

wblcdjal although, no room for any structuring

dcxkcfy12d

i would like someone to cancel my taxes

hognxvh12d

he cancelled the appointment, not the taxes 😉

rkmsrkjll12d

That’s what i meant. 😬

vrwzcebsr12d

Happy to help if you need a backup!

dbttlhn12d

I'll let ya know 🙂

xvxcmnn12d

?? not sure I follow haha

jblzmblc12d

I can confirm that xfqyoldfor is pretty good at cancelling taxes 🤗

zmkzbjuilfja11d

You can't do corp2corp, for example

qbxtejaffqvn11d

Generally W2 means your income is your income, and your company's

gdaczqt11d

Ahh yes. There are creative ways to pay less taxes haha

mwamqyguz10d

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

drkmarz10d

If I file on time, would this mean I could pay what I owe by July with no penalty?

gxhfqecuk10d

Yes.

Also, for those who owe estimated payments, the 4/15 and 7/15 payments are extended to 10/15

aygcgyzle10d

We’re talking taxes on FB Live

vmbccxgur10d

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

bnhiczblj8d

My CPA is also sick

zvnzdvo8d

like covid sick or normal sick?

ycqfouegdqvhj8d

...or like Beastie Boys ill?

udfbhge8d

I still haven’t heard from him but I owe and the new deadline is July 15. Thanks California too

rwwwukwhbwhkllp6d

fvfhhlfnww I asked my CPA about filing and extensions last week and he said that some of the US states haven’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 you’ve heard.

slheyzrmm6d

I haven't heard anything yet, but it is expected that all states will follow the federal guidlines

ppucwimtwmcm2d

Anyone know whether FEIE days are suspended given the govt wants all Americans to return home?

bxbwrjaze2d

There are exceptions built in but I don’t know if there’s a determination yet from what I understand

jmnkavimj2d

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.

gltgwqoet2d

So the hope is they will publish a global exemption

vpadbwfaf2d

Based on cdc saying it’s unsafe to be anywhere in the world

tepymsmdz2d

But.. whether they will... tune in and find out next year I guess?

cvljsdjw2d

That’s interesting. I didn’t realize there were countries where it was waved. I assume you have to use the physical presence test in those particular countries?

dbogaawckp2d

gonkuyzezxiyo since when does the us want Americans to return home?

bccktajr2d

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

uzuqhixnfi2d

Wow crazy, I didn’t get that or hear about it. Doesn’t apply to me anyway but pretty serious

wrlhdcnoihj2d

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.

mhnzqktwocv2d

but they weren't pressuring to do it, even after talking to the embassies

xnsxeahjq2d

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

sibbuhjh2d

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.

qytdrcqn2d

> 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.

hpcejdxzx2d

Oh cool

tixmwybfj2d

I wonder if that’s eu wide

exzdgvfc2d

Likely, but I think it technically depends on each country

mdstchxwbzsgq23h

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.

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