June 16 Tax Deadline Approaching For Taxpayers Living Abroad
Posted by Kim Chen on June 6th, 2014
Taxpayers abroad qualifying for an automatic two-month extension must file their 2013 federal income tax returns by Monday, June 16, according to the Internal Revenue Service.
The June 16 deadline applies to U.S. citizens and resident aliens living overseas, or serving in the military outside the U.S. on the regular April 15 due date. Eligible taxpayers get one additional day because the normal June 15 extended due date falls on Sunday this year. To use the two-month extension, taxpayers must attach a statement to their tax return explaining which of these two situations applies:
1. You are a U.S. citizen or resident alien living outside of the United States and Puerto Rico and your main place of business or post of duty is outside of the United States and Puerto Rico; or
2. You are a U.S. citizen or resident alien in military or naval services on duty outside of the United States and Puerto Rico.
If you can’t file the return by the June 16 deadline, you can request an extension to file with form 4868 to extend until October 15, 2014.
Federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts on their federal income tax return. Separately, U.S. persons with foreign accounts whose aggregate value exceeded $10,000 at any time during 2013 must file electronically with the Treasury Department a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
Form 114 replaces TD F 90-22.1, the FBAR form used in the past. It is due to the Treasury Department by Monday, June 30, must be filed electronically, and is only available online through the BSA E-Filing System website. This due date cannot be extended and tax extensions do not extend the FBAR filing due date. For details on FBAR requirements, see Report of Foreign Bank and Financial Accounts (FBAR).
We are here to help those with the obligation to report their foreign accounts comply with the FBAR filing requirement, and prepare the income tax returns for those taxpayers living abroad. Please contact us at 239-262-1040 or 239-394-7502.
