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.

Want peace of mind?

Learn About Prepaid Audit Defense

CATEGORIES
View All Articles
TaxAudit Blog Home
Submit a Question
 
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.
 

Recent Articles

Once your child turns 17 they no longer qualify you for the child tax credit, but many tax benefits can still be claimed with that child as your dependent.
Learn More ›
Withdrawing from your pension or IRA accounts can have unexpected consequences for your taxes and overall financial health in retirement. Let's take a look.
Learn More ›
The financial side of being a traveling nurse, especially when it comes to per diem payments and tax deductions, feels like a maze with hidden traps every turn.
Learn More ›
The Tax Code offers two tax credits for college tuition paid. Each credit has different requirements, which determines the benefit an individual is eligible.
Learn More ›
This blog does not provide legal, financial, accounting, or tax advice. The content on this blog is “as is” and carries no warranties. TaxAudit does not warrant or guarantee the accuracy, reliability, and completeness of the content of this blog. Content may become out of date as tax laws change. TaxAudit may, but has no obligation to monitor or respond to comments.