American International Tax Advisers

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Two decades of Alzheimer's research may be based on deliberate fraud that has cost millions of lives

When someone says the science is settled check where they are being paid

Two decades of Alzheimer's research may be based on deliberate fraud that has cost millions of lives Last month, drug company Genentech reported on the first clinical trials of the drug crenezumab, a drug targeting amyloid proteins that form sticky plaques in the brains of Alzheimer’s disease patients. The drug had been particularly effective in...

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✍️จุดบอดของคริปโตเคอร์เรนซีที่ประชาชนต้องรู้
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​เทคโนโลยีบล็อกเชนสามารถยืนยันการแลกเปลี่ยนเงินได้โดยไม่ต้องมีตัวกลางอย่างสถาบันการเงินมาตรวจสอบความถูกต้อง และมีความปลอดภัยสูง แต่ยังคงมีข้อจำกัดอยู่หลายประการ
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ประชาชนจึงต้องรู้ เพื่อตัดสินว่า คริปโตเคอร์เรนซีจะสามารถเป็นสกุลเงินสำหรับอนาคตได้จริง หรือจะเป็นเพียงรูปแบบการเก็งกำไรค่าเงินที่ไม่ต่างกับการพนัน
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📍อ่านข้อจำกัดทั้งในด้านต้นทุน และความผันผวนต่อที่นี่ครับ https://bit.ly/3NL18DI

#คริปโต
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As IRS wades through backlog of returns, millions of taxpayers awaiting refunds.
https://www.foxbusiness.com/economy/irs-tax-return-backlog-swells-21-million-americans-await-refunds

This tax season, IRS answered just 10 percent of taxpayer calls

https://www.washingtonpost.com/business/2022/06/24/irs-taxpayer-calls/?fbclid=IwAR0Yr7WbW8Whk1RleAcVbbUp37rb_v2zhn70IfvT0LkB9mNxck8TFqlFmyc

https://youtu.be/f4J6vlLCTCs

American International Tax Advisers Hua Hin

American International Tax Advisers Hua Hin A Taxing Time for Americans in ThailandExpat Tax Returns are challenging, especially if you are trying to do them yourself. There are numerous challenges and...

Tax professionals ‘horrified’ by IRS decision to destroy data on 30 million filers

Over the years the functional level of the IRS has declined COVID caused it to fail in many areas this news article shows just a part of the scope of that operational failure.

This should not affect you, our valuable clients.

https://www.cnbc.com/2022/05/12/tax-pros-horrified-by-irs-decision-to-destroy-data-on-30-million-filers.html

Tax professionals ‘horrified’ by IRS decision to destroy data on 30 million filers The IRS destroyed an estimated 30 million so-called paper-filed information returns in March 2021, sparking anger from the tax community.

AmCham Channel:1st Annual AmCham Charity Golf Tournament raising funds, Mine Clearance in Prey Veng

AmCham Channel:1st Annual AmCham Charity Golf Tournament raising funds, Mine Clearance in Prey Veng The American Chamber of Commerce in Cambodia presents the AmCham Channel. This episode covers the "First Annual AmCham Charity Golf Tournament" which raised...

Join Tonight's Seminar in Bangkok.

6:30pm Pacific City Club

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Two Pacific Place Building 142 Sukhumvit Rd, Khwaeng Khlong Toei, Khlong Toei, Bangkok 10110

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IRS aims to quickly fill 5,000 jobs, deploy ‘surge’ team to clear backlog of 24 million tax returns

Good news. IRS aims to hire 5,000 jobs to clear out backlog of 24 million tax returns.

https://www.washingtonpost.com/business/2022/03/10/irs-hire-tax-return-backlog//?utm_campaign=wp_main&utm_medium=social&utm_source=facebook

IRS aims to quickly fill 5,000 jobs, deploy ‘surge’ team to clear backlog of 24 million tax returns The federal tax agency says newly expanded customer callback functions have already saved taxpayers 1 million hours of hold time.

Photos from AmCham Cambodia's post

Photos from AmCham Cambodia's post

American International Tax Advisers explaining the current 2022 tax rules for American Expats.

American International Tax Advisers explaining the current 2022 tax rules for American Expats. Tax Seminar February 18 2022We're lucky enough to have Thomas Carden from American International Tax Advisers and Ken Brown from Business Class Asia here in ...

Photos from AmCham Cambodia's post

American International Tax Advisers explaining the current 2022 tax rules for American Expats.

American International Tax Advisers explaining the current 2022 tax rules for American Expats. Tax Seminar February 18 2022We're lucky enough to have Thomas Carden from American International Tax Advisers and Ken Brown from Business Class Asia here in ...

IRS backlog hits nearly 24 million returns, further imperiling the 2022 tax filing season

IRS backlog hits nearly 24 million returns, further imperiling the 2022 tax filing season The inventory of unprocessed returns and related correspondence was provided by the IRS’s taxpayer advocate service to the tax-writing committees in Congress. The Treasury Department, the IRS’s parent agency, warned in January that it expected its response to be subpar this year.

California weighing proposal that could double its taxes

California weighing proposal that could double its taxes.
https://www.foxbusiness.com/economy/california-proposal-double-taxes?fbclid=IwAR22mp6-siM4Dg-6dJkoo2HXgu7wLxXeKBvjq2Egi6K4facok_QSCLWHY_Q

California weighing proposal that could double its taxes California lawmakers unveiled a new bill at the beginning of the year that would establish a single-payer health care system – an ambitious plan that would be funded by nearly doubling the state's already-high taxes.

A historically underfunded IRS is preparing for a rough tax season and only has 1 person for every 16,000 calls it gets

Be prepared guys !!!

A historically underfunded IRS is preparing for a rough tax season and only has 1 person for every 16,000 calls it gets.
This year is going to be a rough rough year for all U.S. citizens.
https://www.yahoo.com/news/historically-underfunded-irs-preparing-rough-210424268.html

A historically underfunded IRS is preparing for a rough tax season and only has 1 person for every 16,000 calls it gets Many Americans rely on tax refunds, but those checks might be delayed this year. Part of the problem is outdated 1960s equipment.

IRS warns of ‘frustrating’ tax filing season over backlog of returns

The IRS issues continue. https://nypost.com/2022/01/10/irs-warns-of-frustrating-tax-filing-season-amid-backlog-of-returns/

IRS warns of ‘frustrating’ tax filing season over backlog of returns The Internal Revenue Service cautioned it is still working on “prior-year individual tax returns that have not been fully processed.”

Steps to Take Now to Get a Jump on Next Year’s Taxes | Internal Revenue Service

Avoid Refund Delays and Understand Refund Timing.

Many different factors can affect the timing of your refund after the IRS receives your return. Although the IRS issues most refunds in less than 21 days, the IRS cautions taxpayers not to rely on receiving a refund by a certain date, especially when making major purchases or paying bills. Some returns may require additional review and may take longer. For example, the IRS, along with its partners in the tax industry, continue to strengthen security reviews to help protect against identity theft and refund fraud. Additionally, refunds for people claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) can't be issued before mid-February. The law requires the IRS to hold the entire refund − even the portion not associated with EITC or ACTC.

Some returns, filed electronically or on paper, may need manual review delaying the processing if the IRS systems detect a possible error, is missing information, or there is suspected identity theft or fraud. Some of these situations require the IRS to correspond with taxpayers, but some do not. This work does require special handling by an IRS employee so, in these instances, it may take the IRS more than the normal 21 days to issue any related refund. In those cases where IRS is able to correct the return without corresponding, the IRS will send an explanation to the taxpayer.
Credit:https://www.irs.gov/individuals/steps-to-take-now-to-get-a-jump-on-next-years-taxes

Steps to Take Now to Get a Jump on Next Year’s Taxes | Internal Revenue Service Get ready to file your taxes. See tips that can make filing taxes easier next year. Learn about tax law changes, how to view your tax account information online, and ways to get help.

Steps to Take Now to Get a Jump on Next Year’s Taxes | Internal Revenue Service

IRS starts sending out advance CTC letters.

If you received advance payments, when you file your 2021 tax return, you will need to compare the advance Child Tax Credit payments that you received during 2021 with the amount of the
Child Tax Credit that you can properly claim on your 2021 tax return. The fastest way for you to get your tax refund that will include your Child Tax Credit is by filing electronically and choosing direct deposit.

If you received less than the amount that you're eligible for, you'll claim a credit for the remaining amount of Child Tax Credit on your 2021 tax return. If you received more than the amount that you're eligible for, you may need to repay some or all of that excess payment when you file.

In January 2022, the IRS will send you Letter 6419 to provide the total amount of advance Child Tax Credit payments that you received in 2021. You need to keep this and any other IRS letters you received about advance CTC payments you received with your tax records and refer to them when you file.

Credit : https://www.irs.gov/individuals/steps-to-take-now-to-get-a-jump-on-next-years-taxes

Steps to Take Now to Get a Jump on Next Year’s Taxes | Internal Revenue Service Get ready to file your taxes. See tips that can make filing taxes easier next year. Learn about tax law changes, how to view your tax account information online, and ways to get help.

Merry Christmas and Happy New Year 2022 everyone !!

Highlights of changes in Revenue Procedure 2021-45:
The tax year 2022 adjustments described below generally apply to tax returns filed in 2023.

The tax items for tax year 2022 of greatest interest to most taxpayers include the following dollar amounts:

The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900 up $800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,950 for 2022, up $400, and for heads of households, the standard deduction will be $19,400 for tax year 2022, up $600.

The personal exemption for tax year 2022 remains at 0, as it was for 2021, this elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act.

Marginal Rates: For tax year 2022, the top tax rate remains 37% for individual single taxpayers with incomes greater than $539,900 ($647,850 for married couples filing jointly).
The other rates are:
35%, for incomes over $215,950 ($431,900 for married couples filing jointly);
32% for incomes over $170,050 ($340,100 for married couples filing jointly);
24% for incomes over $89,075 ($178,150 for married couples filing jointly);
22% for incomes over $41,775 ($83,550 for married couples filing jointly);
12% for incomes over $10,275 ($20,550 for married couples filing jointly).
The lowest rate is 10% for incomes of single individuals with incomes of $10,275 or less ($20,550 for married couples filing jointly).


For 2022, as in 2021, 2020, 2019 and 2018, there is no limitation on itemized deductions, as that limitation was eliminated by the Tax Cuts and Jobs Act.

The Alternative Minimum Tax exemption amount for tax year 2022 is $75,900 and begins to phase out at $539,900 ($118,100 for married couples filing jointly for whom the exemption begins to phase out at $1,079,800). The 2021 exemption amount was $73,600 and began to phase out at $523,600 ($114,600 for married couples filing jointly for whom the exemption began to phase out at $1,047,200).

The tax year 2022 maximum Earned Income Tax Credit amount is $6,935 for qualifying taxpayers who have three or more qualifying children, up from $6,728 for tax year 2021. The revenue procedure contains a table providing maximum EITC amount for other categories, income thresholds and phase-outs.

For tax year 2022, the monthly limitation for the qualified transportation fringe benefit and the monthly limitation for qualified parking increases to $280.

For the taxable years beginning in 2022, the dollar limitation for employee salary reductions for contributions to health flexible spending arrangements increases to $2,850. For cafeteria plans that permit the carryover of unused amounts, the maximum carryover amount is $570, an increase of $20 from taxable years beginning in 2021.

For tax year 2022, participants who have self-only coverage in a Medical Savings Account, the plan must have an annual deductible that is not less than $2,450, up $50 from tax year 2021; but not more than $3,700, an increase of $100 from tax year 2021. For self-only coverage, the maximum out-of-pocket expense amount is $4,950, up $150 from 2021. For tax year 2022, for family coverage, the annual deductible is not less than $4,950, up from $4,800 in 2021; however, the deductible cannot be more than $7,400, up $250 from the limit for tax year 2021. For family coverage, the out-of-pocket expense limit is $9,050 for tax year 2022, an increase of $300 from tax year 2021.

The modified adjusted gross income amount used by joint filers to determine the reduction in the Lifetime Learning Credit provided in § 25A(d)(2) is not adjusted for inflation for taxable years beginning after December 31, 2020. The Lifetime Learning Credit is phased out for taxpayers with modified adjusted gross income in excess of $80,000 ($160,000 for joint returns).

For tax year 2022, the foreign earned income exclusion is $112,000 up from $108,700 for tax year 2021.

Estates of decedents who die during 2022 have a basic exclusion amount of $12,060,000, up from a total of $11,700,000 for estates of decedents who died in 2021.

The annual exclusion for gifts increases to $16,000 for calendar year 2022, up from $15,000 for calendar year 2021.

The maximum credit allowed for adoptions for tax year 2022 is the amount of qualified adoption expenses up to $14,890, up from $14,440 for 2021.
Credit : IRS.gov Website

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United States Thailand Tax Service is American International Tax Advisers now. Check us out at www.aitaxadvisers.com
or our page at American International Tax Advisers.

Home - American International Tax Advisers AMERICAN INTERNATIONAL TAX ADVISERS IS ASIA’S BEST U.S TAX FIRM LEARN MORE ABOUT US Who we are American International Tax Advisers is focused on assisting U.S expatriates and businesses with tax planning, consulting and return preparation. We serve clients all over Asia and the USA from offices in...

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We are in top 10 International Tax Firm for Expats.
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Top 10 International Tax Firms For Expats If you are planning to move or living abroad, you may still be responsible for taxes back home. See the top 10 international tax firms for expats.

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Top 10 International Tax Firms For Expats

We are in top 10 International Tax Fitm for expats.https://www.internationalcitizens.com/news/top-10-international-tax-firms/

Top 10 International Tax Firms For Expats If you are planning to move or living abroad, you may still be responsible for taxes back home. See the top 10 international tax firms for expats.

Top 10 International Tax Firms For Expats

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Top 10 International Tax Firms For Expats If you are planning to move or living abroad, you may still be responsible for taxes back home. See the top 10 international tax firms for expats.

Still waiting for a refund? Check the IRS tool Where’s My Refund?