In a surprise announcement that immediately triggered a burst of mostly positive reactions on social media, the U.S. Internal Revenue Service on Wednesday announced that it would be providing "broad-based penalty relief to most people and businesses who file certain 2019 and 2020 [tax] returns late," in an effort to "help struggling taxpayers affected by the Covid-19 pandemic".
The American Citizens Abroad has written to seven top U.S. Treasury officials, including Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig, to urge it to "revisit" the way President Trump's 2017 Tax Cuts and Jobs Act is affecting the small- to medium-sized businesses owned by Americans overseas – in addition to urging them to take other actions, including "the true corrective measure" of switching the U.S. to a residence-based tax (RBT) regime.
The Democrats Abroad is formally seeking "clarity" from Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig about the eligibility of Americans living overseas for the newly-expanded Child Tax Credit, citing "confusion" over the matter.
In the early years of this century, a number of major media exposés reported how Homeland Americans, as well as rich people from other developed and developing countries, were making...
Mar-18-2023
