WASHINGTON – U.S. President Donald Trump on Friday enacted a landmark bipartisan relief bill, estimated at $ 2 trillion, to boost the economy and help Americans manage payments at a time when million people have lost their jobs. Notably, the new bill includes stimulus checks of up to $ 1,200 for each American and an additional $ 500 for a child. According to Monte Silver, a U.S. tax attorney living in Israel, U.S. citizens and green card holders living abroad, including Israel, can also receive cash relief if they have a Social Security number and have a social security number. ” they filed taxes for 2018 or 2019. A maximum amount ($ 1,200 for an individual or $ 2,400 for married couples filing jointly) is available for people with incomes not exceeding $ 75,000 (150,000 $ for a married couple) or $ 112,500 for a head of household, ”he said. The Jerusalem post. “The relief is gradually disappearing for people earning more than these amounts. “

The benefit comes in one of two forms, he explained. The first is a tax credit (tax cut), and the second is government money (via wire transfer or check) to those who do not have taxes in 2019. “In the latter case, the money is provided even though the person never has or will ever own a US tax, ”Silver told the To post. “The United States has no right to receive the money in return.” Each person claiming relief must have a U.S. Social Security number, noted Silver, and the deadline for the United States to provide the money is December 31, 2020. The United States government will calculate the amount owed by the taxpayer based on the 2019 return or, if a return is not filed on time, the 2018 return. “So if the American has not filed a 2018 or 2019 return and wants relief , a 2019 declaration should be filed as soon as possible, “he added. “The fact that Americans abroad receive relief is important,” he continued. “Over the past two years, we have fought hard for small victories regarding the Transition and GILTI taxes. Earlier versions of the Corona Law left Americans abroad without relief. But following a last minute plea, Congress changed the wording and extended the relief to us as well. According to the D’Amore-McKim School of Business at Northeastern University, transitional taxes are included in an additional section of the US tax code that requires US shareholders to pay a transitional tax on untaxed foreign profits of certain foreign companies specified, as if those profits had been repatriated to the United States According to taxfoundation.org, GILTI or “Global Intangible Low Tax Income” is a newly defined category of foreign income added to the taxable income of corporations each year, the primary purpose of which is reduce the incentive for US-based multinationals. companies to shift their profits from the United States to low or no tax jurisdictions.