During this discussion, Chugh CPAs, LLP Partner, and CPA Baljeet Singh covers how to file taxes in the United States for your foreign assets and income, including real estate, mutual funds, and more. He also goes into detail about who needs to file returns FBAR and Form 8938, and the penalties incurred for not filing them.
Section 139 allows employers to offer tax-free disaster relief payments to their employees for certain unreimbursed expenses. While Section 139 payments cannot be used to pay wages, they can be used to reimburse employees for “reasonable and necessary” expenses incurred due to the COVID-19 pandemic.
President Joe Biden proposed The American Families Plan on March 31, 2021. If passed, the policy would increase taxes for wealthy individuals, while providing social benefits programs such as expanded tax credits for low- and middle-income families. The proposal must be approved by Congress before it can become law, and it is likely to change before then.
Originally introduced in March 2020, both the Paycheck Protection Program (PPP) and the Employee Retention Credit (ERC) have expanded to serve a larger proportion of United States businesses during the COVID-19 pandemic. Luckily, it is possible for employers to get their PPP loans forgiven and still claim the ERC on their 2020 taxes. Together, these two measures provide significant financial relief to American businesses.