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Published
Friday, March 27, 2020
State
Department announcesrebate recovery payments By the A.M. Costa Rica staff The State Department Federal Credit Union (SDFCU) confirmed that they stand ready to help the U.S. Citizen expats at this critical time, confirmed American Citizens Abroad, ACA, on Thursday. In the coronavirus relief legislation, Congress is on course to make payments to individuals by direct deposit similar to direct deposit of tax refunds, according to ACA. “American citizens abroad who have an SDFCU checking account, enabled by their ACA membership, will be able to quickly and securely receive these electronically issued and transferred payments,” said ACA in its statement. The recipient can choose to receive their payment by check sent. This will be slower and riskier, even more so due to fallout from the coronavirus pandemic, they added. According to ACA, the electronic payments, which can be received almost immediately, can be held in the recipient’s SDFCU account; or they can be invested in any one of several ways, as the individual chooses; or they can be transferred to the individual’s foreign bank account; or they can be transferred immediately to relatives in the U.S. or elsewhere; or they can be handled in any number of other ways as desired. “SDFCU accounts have historically been used to great advantage in emergencies just like this,” said ACA in its statement. Everything can be done online. A residence or other physical presence in the U.S. is not required. On Tuesday Americans Citizens Abroad, ACA, sent a letter to the U.S. Congress, Treasury and IRS reminding these offices that U.S. citizens abroad are taxed the same as citizens residing in the United States. "As a result, they will be directly affected by legislation and administrative actions intended to provide emergency assistance and health care response for individuals, families and businesses affected by the current coronavirus pandemic,” said ACA in its statement. According to the organization, tax legislation along the lines of the “Coronavirus Aid, Relief, and Economic Security (CARES) Act” must ensure that U.S. citizens living and working overseas are treated in the same manner as other taxpayers and that special issues arising from the fact that they live outside the U.S. are addressed, so as to avoid mistakes and unintended consequences. "All too often, as evidenced by the recent Tax Cuts and Jobs Act, consideration has not been given to how changes will affect the community of Americans overseas," said the organization in their statement. ACA highlights such issues as deadlines, the mechanics of refunds, limitations based on gross income, and loans to small businesses that are needed as these may differ from how the IRS and Treasury deals with these for U.S. citizens living in the United States. “The Congress, Treasury and IRS must ensure that Americans overseas are treated equitably, " said Marylouise Serrato, ACA Executive Director. "In many cases, U.S. citizens overseas claim foreign tax credits, resulting in little or no U.S. tax liability, even though they have significant adjusted gross income. These individuals should not be adversely affected, and they should not be subject to reduced refunds/credits.” ACA notes in its letter that it stands ready to advise and help Congress and the Treasury Department, including all levels of the IRS, to make the coronavirus and economic stimulation legislation, and implementation of that legislation, work in the best possible way for U.S. citizens abroad. "With over 40 years of experience, ACA has the knowledge and resources in Washington, D.C. to help," they said in its statement. According to ACA, what can be of great help for U.S. expats wanting to receive their 2020 recovery rebates as quickly and securely as possible is an ACA-enabled State Department Federal Credit Union (SDFCU) bank account. This innovation was developed by ACA in close cooperation with the SDFCU. Instituted in 2016, U.S. citizens overseas, even those with no physical presence in the U.S., can quickly and easily open and operate entirely online using their SDFCU account. “This account is perfect for emergencies like this. SDFCU is a highly-regarded U.S.-based institution and SDFCU makes it easy for account holders to transfer funds to an individual’s local foreign bank, or make transfers immediately to relatives in the U.S., or do all manner of other things,” said Glen Frost, Associate Legal Counsel-ACA. Visit the State Department Federal Credit Union (SDFCU) website for more information. ------------------------------ Have you heard about problems or limitations in the use of the SDFCU account? We would like to know your thoughts on this story. Send your comments to news@amcostarica.com |
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