In this video, we bring you the latest updates on tax-related news and changes that may affect you.

0:00 Penalty relief for 5mm taxpayers, 1 billion in savings
0:32 New tax savings & tax credit opportunities for expats
0:59 New reporting requirement for small business owners (BOI)
1:47 IRS launches email notifications for notices & letters
2:53 Minimum filing requirements [2024]

💰 First, we have great news for taxpayers! The IRS is providing automatic penalty relief and waiving penalties for the years 2020 and 2021. This relief applies to 5 million tax returns filed by individuals, businesses, trusts, estates, and tax-exempt organizations. This means a total savings of $1 billion for taxpayers, averaging around $206 per return. No action is required from you as the relief will be automatic.
https://www.taxesforexpats.com/articl...


🧑‍⚖️ Next, we discuss an important court case that has significant implications for expats. A couple living in France successfully utilized the US-France tax treaty to claim foreign tax credits against their net investment income tax liability. To learn more about this case and its impact on expats worldwide, check out our recorded webinar by clicking the link: https://www.taxesforexpats.com/articl...

⚡ Unfortunately, there is also news about new reporting requirements for small business owners. Starting this year, millions of US small businesses will have to comply with new reporting requirements. The AICPA estimates that there will be 32.6 million filings reporting beneficial ownership information in 2024, with 5-6 million filings annually thereafter. If your business is structured as an LLC or corporation, you must report information about individuals who exercise substantial control or own at least 25% of the company. Read for more details: https://www.taxesforexpats.com/articl...

📨 On a positive note, the IRS is launching email notifications for notices and letters. This is especially beneficial for expats who often face mailing delays. By signing up for this service through your IRS account, you will receive timely updates directly to your email inbox, ensuring you stay informed about various types of IRS communications without delays. However, remember that the IRS will never request personal or financial information through email, text messages, or social media channels.
https://www.taxesforexpats.com/articl...

👉 Additionally, we highlight the minimum filing requirements for the year 2024. The IRS updates these requirements annually, so make sure to click the link below to check the updated tables based on your filing status:
https://www.taxesforexpats.com/expat-...

That's all for now! Stay tuned for more tax-related updates, and remember that TFX is here to handle all of your tax filing needs.

At TFX, our human experts have been preparing U.S. taxes for over 20 years, for clients in over 190 countries around the world.
We offer all U.S. tax services — for both American citizens and non-citizens with U.S. investments or real estate. From straightforward expat tax preparation to complex cases involving multiple factors — we've handled it all. That's why TFX is the top-rated tax preparation service for expats worldwide.

Watch the video to learn how we can help you file your U.S. taxes quickly and efficiently:    • TFX Tax Preparation Process  

If you have overdue U.S. tax returns, don't worry. We offer a special Streamlined Procedure to help you get back on track: https://www.taxesforexpats.com/servic...

Check out our transparent flat-fee pricing: https://www.taxesforexpats.com/servic...