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Hi I'm Brett Willoughby CPA today we want to talk about the 2021 tax law changes that affect overseas Americans let me give you a little background first Congress has a problem 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 their second problem that Congress has is that 25% of all refundable credits historically are fraudulent so a refundable credit is things like the Earned Income Credit the additional child tax credit what happens is a refundable credit is you can get a refund from the federal government even though you did not pay anything in and you pay no income tax so obviously these are target-rich environments for people who want to fraudulently file a tax return and receive cash back overseas Americans have a problem and that they don't have good representation in Congress there's no natural constituency all the overseas Americans were in one state maybe approximately the size of New Jersey of 8.7 million Americans living and working outside the US who don't work for the military or the State Department these types of laws would not go through yeah they were represented by one particular congressman or delegation so the US has a worldwide tax system and overseas Americans are taxed on all their earnings and what the changes do is basically start pulling back some of those tax benefits so let's start with the American Opportunity Credit the American Opportunity Credit is also a refundable credit allows you to receive up to a thousand dollars per child who's attending college as cash in your pocket the schools that are eligible or any fastest schools fast as long as they have that College has a FAFSA number you're eligible so they're calling most all virtually all colleges in America massive number and many colleges outside America also have a FAFSA FAFSA the US financial aid package so if you have a child going to a international fastest school you need to receive a 1098 teen starting in 2021 1098 e or a worksheet that shows how much was paid in tuition and the school's employer identification number the problem is these schools or international FAFSA schools are not US entities so Congress cannot compel them to issue 1098 teen which are typically the tuition worksheet statement so we're inviting our clients this year is to talk to your school and see if they will issue a tuition worksheet statement for next year that will have the amount tuition scholarship and the employer identification number next year they don't you will no longer be able to qualify for the American Opportunity Credit the second change that affects overseas Americans is that you will no longer be able to amend tax returns for the America for the additional child tax credit if that child or student.

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