We wanted to share some of the changes from the past year for the 2021 Tax Year. Three new Acts have been passed and discussed in the past year:
Welcome to 2022
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Benefits
The 2022 Tax Calendar
The 2022 tax calendar for specific IRS due dates for filing your U.S. tax forms and paying your taxes. Different due dates apply to individuals and corporations.
Crypto Tax Issues
If you are investing in crypto currencies, then protect your investment by staying in compliance with the tax authorities. This includes the IRS and the Israel Tax Authority. The guidelines below are per IRS guidelines.
Child Tax Credit Payments – How to Opt-out
Many people have received “gifts” from the IRS in the form of an unexpected bank deposit or check in the mail. Unfortunately, many of these recipients are not eligible for these payments and will need to return the money to the IRS when they file a 2021 tax return.
Foreign Investment In Real Property Tax Act (FIRPTA)
FIRPTA was enacted to ensure that foreign investors pay U.S federal income tax on the sale or disposition of U.S real property interests (USRPI).
Foreign Earned Income Exclusion (FEIE)
The Foreign Earned Income Exclusion, or FEIE, is a tax benefit that allows you to avoid double taxation by excluding income earned in a foreign country from your taxable income for U.S. purposes.