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June 1, 2015

June 15th Expat Tax Return Deadline and Filing for Extensions

If you were an expat living abroad on 4/15/15, your tax return  for 2014 is due on 6/15/15.  It can be extended further by filing form 4868 by that due date. Then your return is due on 10/15/15. These same due date rules apply to nonresident US tax returns.  This extension can be filed on paper or there are some on line locations which may permit you to file this extension form. Be certain to check the box indicating your are an expat.

If you need additional time to qualify for the bonafide residence foreign earned income exclusion (form 2555) you can file form 2350 to extend your return further out until a date you have qualified for a full calendar year living abroad.

Your Form 114 (FBAR) which reports your foreign financial accounts is due on 6/30/15 for 2014 and cannot be extended any further.  Failure to timely file this reporting form can result in substantial penalties.  You can only file this form on line at http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html

Though expats get these special extension rules, any taxes owed must be paid in by 4/15/15 to avoid penalty and interest charges if any taxes are later due with the return.

1 comment:

Anonymous said...

can you please comment on the new form BE-10?

It has been reported:

Late last year the Commerce Department quietly published a new ‘rule’
in the Federal Register requiring every American with certain
investments abroad to fill out their survey, regardless of whether or
not they were notified.

For the first time ever the government is imposing both civil and
CRIMINAL penalties for non-compliance. The fine for not filling out
the survey (known as BE-10) ranges from $2,500 all the way to $25,000.

You need to file if you are a US individual or company that owned at
least 10% of a foreign business at any time during your 2014 fiscal
year (January 1 – December 31 for most folks.)

If you’re an individual, the reporting requirements are very simple--
just a few boxes to check. It might take you five minutes... which
makes being threatened with criminal penalties even more ridiculous.

The deadline to submit for first-time filers is June 30, 2015, and you
can submit via mail, fax, or online. Read more about it here:

http://www.bea.gov/surveys/respondent_be10.htm

please advise what you think - this may be something you need to alert
your other clients of as well if necessary.