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2023 Update

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2023 Update

With the start of the New Year, we at American International Tax Advisers would like to extend our warmest greetings to you and your families.

We appreciate and are grateful for your patronage and would like to extend our gratitude in allowing us to work with you in resolving your tax related concerns.

In October of 2022 we moved our Thailand office to the 21st Floor of Two Pacific Place Building room no.2107. There are two office towers on the property, and we are now in the building closest to Sukhumvit Road. We welcome you to schedule a visit.

As many of you know, we have resumed Electronic Filing and under certain qualifications the IRS will accept electronic filing of amended returns. This has greatly speed up the processing times. However, streamline returns will continue to be required to be sent by parcel.

The IRS will start accepting individual tax returns on January 23rd.

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:

  • Standard Deduction Amounts increased for all filers. The amounts are :
  • Single $12,950
  • Married Filing Jointly $25,900
  • Married Filing Separately $12,950
  • Head of Households $19,400
  • Foreign Earned Income Exclusion for 2022 is $112,000 up from $108,700 for tax year 2021.

Deadlines for filing for individuals residing outside the United States is June 15th and October 15th with an extension filed. Tax not paid by April 15th will accrue interest. We recommend scheduling an appointment as soon as possible to assure your taxes are completed and processed as quickly as possible.

The Foreign Bank Account Report (FBAR) is due no later than October 15th for individuals who had a balance, or combined balance for multiple accounts, that totaled USD $10,000.00 or greater. 

Thomas M Carden E.A. JSM