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IRS Tax Transcripts and K-1 Visa Applications in Thailand

Transcript of the above video:

As the title of this video suggests, we are discussing tax transcripts and some recent changes with respect to regulations associated with K-1 visa applications

I am specifically making this video with reference to K-1 visa applications that are processed out of Thailand for US fiancée visas back to the United States but I think that this is a broader policy globally so it may be relevant to other folks. 

The first thing I want to take a minute to talk about is, what is a 221 (g)?   This is a 221g form. We will go ahead and slap it up here on the video. This is redacted. We have taken out all the names but you can see the dates. One of these is from May, or about the middle of the year 2018. I just pulled this one random, although I think anything that had been issued in 2018 would have looked like this. The other one is from today actually, at the time of this video tape, February 23, 2019 and one of these things as they say is not like the other. The form has changed and I am going to go ahead and have our producer here show you where it has changed. But specifically there was a box and it once said: "copy of most recent year's US tax forms or tax transcripts." As of February 13, 2019, it now says "copy of most recent year's US tax transcript", not 1040 tax return. So they don't want to see a 1040 tax return; a copy of one’s tax returns. This was pretty much standard procedure in the past when proving up financial ability to support one's fiancée in the United States if you are not using assets you are using income, and in most cases with people that are working are going to be using their income tax return to prove that up.  But now moving forward it seems that IRS tax transcripts are going to be the norm so it is just something else to keep in mind.  

That being said it may cause delays while this new rule is being implemented because people's applications might be being put through without that actual document. I know it has had some implications for folks that have come in to see us. Again these two are actually people that had 221 (g)'s that had other things noted that didn't have anything to do with a tax issue. I just wanted to note that the form had changed and now we are looking at issues associated with tax transcripts not 1040 forms

So something to keep in mind with respect to how the overall process is changing. I think as time moves on. It is like with anything, it constantly shifts. That is why it is why it always a good idea to have a competent legal professional assisting throughout the process.