Expat Tax Return Deadlines

Here are the most important tax filing deadlines for expatriates:

April 15th – US tax deadline to pay any US taxes owed (or penalties and fines begin to accrue). US expats get an automatic 2-month extension.

June 16th – US tax return deadline for expats

June 30th – FBAR forms are due to the US Department of the Treasury. Expats must file if they have had $10,000 or more in foreign bank and financial accounts. No extensions are or can be granted

October 15th – Final expat deadline for those who filed for an extension

If you are concerned that you won't be able to get your returns ready in time, you're not alone! Get started with with our help today by  downloading our expat tax questionnaire at www.Taxmeless.com. We offer a simple process, reasonable fees and expat tax experts who will make your US tax preparation quick and easy.
 

Obama and Bidens 2013 Tax Returns Reviewed

SEE ACCOUNTING TODAY ARTICLE.   http://www.accountingtoday.com/news/obamas-paid-irs-204-tax-rate-on-2013-gross-income-of-481098-70313-1.html?utm_campaign=daily-apr%2015%202014&utm_medium=email&utm_source=newsletter&ET=webcpa%3Ae2573270%3A2450710a%3A&st=email

Tax Extensions, Penalties and Due Dates for US Expatriates

• Though expats get an automatic extension to file until June 15th, 2013, for their 2012 tax return, if any taxes are owed they must pay those in by April 15th, 2013 to avoid penalties and interest.
• Expats can get a further extension of time to file their 2012 return up to October 15th, 2013 by filing form 4868 prior to 6/15.
• Your FBAR (TDF 90-22.1) for required for reporting foreign financial accounts (including bank accounts, many foreign pension accounts, foreign stock brokerage accounts, and other various foreign financial accounts) must be received by the IRS by June 30th , 2013 for the 2012 year. It cannot be extended for any reason.  The penalty for late filing can be $10,000 or more.
• In most instances, if you need to amend an income tax  return to report unreported income or expenses it can be done up to three years from the date it was originally filed.
• The statute of limitations never runs out on any tax year until you file a tax return for that year. Best to always file a tax  return to cause this statute to run out.
• You have until 4/15 to open your IRA and fund it even though your tax return is extended for 2012. Remember you must have earned income in excess of the foreign earned income exclusion you take on Form 2555, in order to even be eligible to make a regular IRA or Roth IRA contribution.  You are also limited by your total income or if covered by a US corporate pension plan.
• Penalties:
• The late filing penalty is 5 percent per month of all unpaid taxes due with the return when finally filed up to a maximum of 25 percent.  If you file late, but have already paid in all taxes due, you will incur no penalty.
• The  Late payment of tax penalty is 1/2 percent per month and interest that is adjusted quarterly which has been running at 2 to 3 percent per annum.
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Deadlines in 2013 For Filing Expat Taxes for Tax Year 2012

• March 15, 2013.  Due date of Form 3520A which must be filed by Foreign Trusts when a US person has ownership or control. This form can be extended with Form 7004 until September 15th
• April 15, 2013 – US tax return filing deadline for those living in  the US and due date for all taxes owed whether you are an expat or resident. If any taxes are owed after this payment, those amounts are subject to penalties and interest.
• June 17, 2013 – US tax return abroad deadline for expats but can be extended by filing form 4868 prior to this date with IRS
• June 30, 2013 – Foreign Bank Account Form is due (FBAR, or Form 90-22.1) - Must be received by IRS on this date (not date of mailing)
• October 15, 2013 – Final tax deadline for US tax returns for expats abroad IF you have already applied for an extension. NOTE. There may be one more extension available until December 15th, if you file a letter request with the IRS under certain circumstances.
• Forms 5471, 3520, 886,5, 8621 and most other foreign entity and special reporting forms are due on the extended due date of your personal tax return for 2012. If filed late, you may be subject to substantial penalties which are usually $10,000 or more.

Kauffman Nelson LLP, Certified Public Accountants have extensive experience over the past 30 years with US International, Nonresident  and Expatriate Taxation.  Visit our website at www.TaxMeLess.com or email us at ddnelson@gmail.com.  Our skype address is: dondnelson.   Thank you. Don D. Nelson, Attorney, CPA.