U.S. Tax Filing for 2019 - What You Need to Know

U.S. Tax Filing for 2019 - What You Need to Know

The AMCHAM Tax Committee gathered on November 7 at the Oriental Residence to brief AMCHAM members on changes and updates to tax filing procedures for individuals and corporations. The discussions were led by the Tax Committee Co-chairs: Matthew Stevens of U.S. Global Tax Plan, Jonathan Blaine of DFDL, and John Andes of KPMG.

The presenters walked the audience through key considerations, such as when it is more advantageous for individuals to opt for Foreign Tax Credit rather than taking the Foreign Earned Income Exclusion.  For SME owners, they covered issues related to controlled foreign corporations, reviewing the transition tax and the GILTI, and looked at how the Tax Cuts and Jobs Act (TCJA) of 2017 has changed international tax planning considerations for these companies.  Other topics covered in passing included the introduction of certain relief procedures aimed at "accidental" U.S. citizens intending to relinquish citizenship and the introduction of a new 1040 form for senior citizens (1040-SR).

For members who were not able to attend in person, the presentation is available for download on the members-only section of the AMCHAM website.

 

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