FORM BE 10 DUE BY JUNE 30TH OR THERE MAY BE PENALTIES - THIS FORM MUST BE FILED IN MOST SITUATIONS WHEN YOU OWN A FOREIGN CORPORATION

Form BE 10 and its many  sub variations is not a tax form, but is now required by by another Branch of the Government and not the IRS.

As a courtesy, we are making you aware of the potential requirement. It is a survey that is required whenever a U.S. person owns 10% or more of any business enterprise overseas. The form is due June 30th. Read more about it in the following link:

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

Our firm does  not plan to get involved in these filings as a rule; however, if any of you need help we can see what we can do. If you are conservatively minded you should file the form to avoid any exposure to possible penalties.

IRS Videos For US Internatonal Taxpayers, expatriates and nonresidents

The following videos are now available on the IRS YouTube page for expatriates, US international taxpayers and nonresidents.

International Taxpayers-Introduction to the International Taxpayers Web Page   [Text]
Learn about the International Taxpayers section on IRS.gov and the helpful resources available to you.

International Taxpayers-Individual Taxpayer Identification Number (ITIN)   [Text]
This video helps non-U.S. citizens determine if they need an IRS-issued tax reporting number, known as an ITIN, and how to apply for one.

International Taxpayers-Filing Requirements   [Text]
Learn about the requirements for filing an individual income tax return, including income limits while living abroad.

International Taxpayers-Filing Status If Married to a Nonresident Alien   [Text]
Find out different filing status options if you are married to a nonresident alien.

International Taxpayers-Foreign Earned Income Exclusion   [Text]
Find out who is eligible, what income qualifies and how to claim the exclusion.

International Taxpayers-Foreign Tax Credit   [Text]
Find out if you can claim a foreign tax credit for the foreign tax you paid.

If you need individual assistance on any of these matters go to www.TaxMeLess.com and www.expatattorneycpa.com for attorneys and CPAs with specialized expertise in all of these matters. Email us at ddnelson@gmail.com 

 References/Related Topics

• International Taxpayer

Purchasing, Owning and Selling Real Estate in Mexico ...Almost Everything You Need to Know

Over 65 articles by experts on every aspect of purchasing, owning and selling real estate in Mexico.   http://www.mlsinbajasur.com/real-estate-articles.html

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.