“Normally, we would already be sought out for assistance with filing tax returns. However, this year, due to the increased complexity and the reduction in refunds, people fear making mistakes and are turning to professionals,” stated Paula Franco, the head of the Order of Certified Accountants (OCC), in her remarks to Lusa.
The demand for professional help with tax declarations is not new. This is attributed to the increased complexity of some IRS-related issues over recent years, as they now cover multiple solutions.
For instance, the taxation regime for financial assets or cryptocurrencies and rental income now have different rates for those with long-term housing contracts compared to those with other residential or leasing agreements.
Additionally, the requirement to declare foreign bank accounts in the IRS has added another layer of complexity, even though only the IBAN needs to be provided. When it comes to Revolut, Paula Franco noted that if the account is associated with the branch that the fintech has since opened in Portugal, this declaration is no longer necessary.
