Toronto, Ontario Jan 24, 2023 (Issuewire.com) – As 2023 begins, 1040 Abroad, a leading accounting firm for Americans living abroad, encourages individuals to become tax compliant to qualify for government stimulus payments. While individuals can still claim these payments on late-filed 2020 and 2021 tax returns, the statute of limitation will limit the time for the claim. Specifically, the first round of stimulus payments can only be claimed until July 15, 2024.
Many Americans living abroad are unaware of their tax obligations to the US government and, as a result, miss out on these important stimulus payments. “Now is the time to take action and become tax compliant,” says Olivier Wagner, founder of 1040 Abroad.
It’s important to note that even those who are renouncing their US citizenship are still eligible for stimulus payments, too, they need to file. Recognizing the burden that the high cost of renouncing US citizenship can cause, 1040 Abroad is dedicated to helping US ex-pats navigate the process and lower costs.
In addition to helping individuals claim their stimulus payments, 1040 Abroad also offers a wealth of information on tax compliance for Americans living abroad, including information on the Foreign Earned Income Exclusion, the Foreign Tax Credit, and the Streamlined Filing Compliance Procedures.
Don’t miss out on your chance to claim government stimulus payments and become tax compliant. Visit 1040Abroad.com for more information and free tax consultations.
Source :1040 Abroad
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Emerald Journal journalist was involved in the writing and production of this article.