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 Form Rpd 41071 2015

2015-2025 Form

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Hi, my name is Bret Willoughby, CPA. Today, we want to talk about the 2015 tax law changes that affect overseas Americans. Let me give you a little background first. Congress has a problem and overseas Americans have a problem. Congress has a problem because they're giving away more money. They're spending more than they're taking in and they want to give away more tax benefits. So they have to increase revenue somewhere. The second problem that Congress has is that twenty-five percent of all refundable credits, historically, are fraudulent. So a refundable credit is like the Foreign Earned Income Exclusion and the Additional Child Tax Credit. What happens with the refundable credit is, you can get a refund from the federal government even if you did not pay anything in and you paid no income tax. So, obviously, these are target-rich environments for people to fraudulently file a tax return and receive cash back. Overseas Americans have a problem in that they do

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