June Deadline for US Citizens Living Abroad and Foreign Bank Account Owners

June, 01 2014 by Karen Reed, EA
laptop, globe, and financial documents

Tax returns are due on June 16th for U.S. taxpayers living abroad who qualify for and are taking advantage of the automatic two-month extension. Those using the extension should include a statement with their returns explaining their status as being either (1) a U.S. citizen or resident alien living overseas, or (2) military personnel serving outside the country on the April 15th due date. This is not available for a taxpayer who just happened to be out of the country on April 15th due to travel.
 

Taxpayers whose foreign accounts had an aggregate value of more than $10,000 at any time during 2013 are required to file Form 114, Report of Foreign Bank and Financial Accounts (FBAR). The form must be filed electronically with the Treasury Department Financial Crimes Enforcement Network (FinCEN) by June 30th.  The IRS will be holding a free webinar on June 4th to assist taxpayers in meeting their FBAR filing requirements.

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Karen Reed, EA

Karen Reed, EA

 
During her years as an audit representative for TaxAudit, Karen successfully defended the company’s members throughout the entire federal and state audit processes, handled cases assigned to US Tax Court, and developed procedures to make the audit process easier for taxpayers. Karen attributes a great deal of her tax acumen to the six tax seasons she spent as a return reviewer, analyzing thousands of returns. Responding in writing to questions from taxpayers, she became familiar with the common mistakes self-preparers make. Karen was previously the manager of the Tax Education and Research Department and the Director of Communications at TaxAudit. Her tax advice has been featured in U.S. News and World Report, the Los Angeles Times, the Chicago Tribune, and other publications.
 

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