The IRS provides a automatic 2-month filing extension for qualified US expat filers. However, this extension does not apply to tax obligations – interest starts accruing on any tax due after the regular April deadline (ie, 18 Apr 2016 for Tax Year 2015). Please see below for other dates/deadlines for the 2015 tax year: April 18 – Original tax…
THE WALL STREET JOURNAL Most U.S. expat taxpayers are already using U.S. tax breaks on their income from foreign salaries to help lower their overall tax bill. These include the foreign-earned income exclusion and foreign housing deduction or allowance. However, U.S. expats are not always taking advantage of foreign tax credits that may be available…
While Americans living abroad enjoy an automatic 2-month extension, which means you must file your return by June 15, any taxes due are calculated by the standard return date (April 15) i.e. interest will be charged on any taxes due but not paid by April 15. If you are not able to file your return…
Common Misconceptions about Expat Tax Rules U.S. citizens and those of certain other countries working and living in foreign lands are no strangers to the painfully byzantine jumble of tax rules. Without professional help or an innate knowledge on this opaque subject, it can be a huge battle determining what is truly helpful (and legal)…
Under new legislation (Fixing America’s Surface Transportation Act, or “FAST Act”) passed by President Obama in late 2015, the government may revoke the passport of certain American tax payers with unpaid federal taxes exceeding $50,000. If you an outstanding tax bill or anticipate owing more than $50,000, contact us for a consultation with of our…
Journal Of Accountancy The IRS on Wednesday announced a new policy regarding how it will request emails from internet service providers (ISPs) (IRS Policy Statement 4-120). Under the new policy, the IRS will obtain a search warrant “in all cases when seeking … the content of email communications stored by the ISP.” Source: Journal Of…
Why you shouldn’t miss October 15 Penalties and interest charges are assessed against taxpayers who file late or not at all. Your extension was granted as extra time to file your tax return, but not extra time to pay the balance due. There are two penalties: Failure to File and Failure to Pay. Contact Us If you…
