Urgent: Tax Relief, Postponed Deadlines and New Reporting Requirements
INDIVIDUAL TAX RETURNS
The IRS postponement of the 2020 federal individual income tax filing deadline from April 15 to May 17, 2021, and it also applies to individual taxpayers’ payments of federal tax liabilities for 2020.
The U.S. taxpayers must report their foreign income, since the U.S. taxes the worldwide income.
If you are a U.S. citizen or a resident alien, your income is subject to U.S. income tax, including any foreign income, or any income that is earned outside of the U.S.
May 31, 2021 is the deadline for eligible small businesses and nonprofits to apply for first and second rounds of PPP loans. The previous deadline was March 31, and it was extended by the Congress on March 25.
HAYMAN-WOODWARD Global Tax has extensive experience in helping customers to structure their cross-border business in a tax-efficient manner. That is why we invite you to make a FREE appointment with us at the following email address: book.apt@