A news has come for US expatriates in the tax front. The US citizens living outside the country will have to file tax returns at the earliest. They have to forgo the 90 day filing extension that was provided by the IRS.
The expatriates have to include their concerned bank account details. This will enable the government to deposit the funds at the earliest. The amount comes to $2,400 for couples who are making less than or equal to $150,000.
According to a tax expert, the challenges are many for expatriates. They can even face a delay in check. It will take a long time for individuals to receive checks. In some cases even four to six months. This can lead to trouble as the checks are only valid for 90 days.
Another feature closed is depositing of money via foreign phone numbers. Due to lockdowns and social distancing norms a lot of overseas branches of banks are closed. Remote depositing of money is barred.
Marylouise Serrato, who is Executive Director for advocacy group American Citizens Abroad expressed his concerns. Serrato feels that Congress has little understanding of the concerns of this community and isn’t paying heed to understand who and where they are.
Experts also said that if expatriates are expecting a return, then filing tax at the earliest is highly advisable. The IRS has streamlined filing procedure which will help these US Expatriates. The process of evaluation is time taking.
Meanwhile, President Trump signed legislation last week regarding this. Earlier, the expatriates were concerned whether their foreign income would bar them from getting the checks. But now it is a sigh of relief for them after this new law.