1.Tell us about your organization and what it does?
My main goal is to assist Americans living abroad with their U.S. tax reporting to the IRS, and possibly home state. Since the U.S. requires Americans to annually report their global income, it sometimes becomes confusing to complete the various forms to the IRS. Mir Taxes also likes to keep Americans (clients or not) informed with a (somewhat) monthly Newsletter with tax news and due dates. Anyone can sign up by contacting us or visiting this website. Mir Taxes keeps Americans informed of changes in the tax laws as well as any credits that can be beneficial to the taxpayers especially the Child Tax Credit. Mir Taxes was very involved in informing American expats of how to receive the Economic Impact Payments in 2020 and 2021… and how they can still receive them. What is unique about Mir Taxes? Most U.S.-based tax preparers are not completely savvy about how to process the Form 1040 to the IRS from abroad. Mir Taxes is specialized in helping Americans living abroad, especially Belgium.
2. What did we learn from speaking with Carl?
U.S. Persons (citizens and green card holders) are required to file an annual tax declaration to the IRS in the U.S. by reporting their global income. However, most tax filers will not be double taxed. Mir Taxes can assist to ensure that U.S. Persons are NOT double taxed.
3. What advice would you give our readers?
All expats should also be aware that if they have a company in their new home country, that company’s financial statements must be reported to the IRS. By not reporting, the penalties are quite severe. Also, if the aggregate balances of the financial foreign accounts reach $10,000 on any ONE day of the year, all accounts are required to be reported on the FINCEN 114 (FBAR). Penalties are also quite severe for non-reporting.
If any U.S. Person has not completed their reporting for several years, the IRS allows to file the last three years within an amnesty program to avoid the penalties for failure of filing. Mir Taxes has assisted several Americans to “catch-up” via this program. Keep in mind that “green card holders” are required to file as well even if they leave the U.S. In order to not be subject to the tax filing requirement, the holders must officially return their green cards to the U.S. government… it is not a matter of merely relocating abroad.
If you experience any issues reporting your tax to the U.S. and are unsure of the procedures and/or consequences, you can contact us at Mir Taxes.
4. How can people get in touch with you?
For any questions and to arrange a phone call, Skype, or Zoom meeting, you can email us: info@mirtaxes. Alternatively, appointments can be made here. Your first 15-minute informative call is free.