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Upcoming IRS overseas deadlines for us tax filings

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June is a significant US tax filing month for expats and US Persons with foreign assets or accounts.

As a reminder, US Federal law requires US citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts.  This means that even US citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2012, may have a US tax liability and a filing requirement in 2013.

Although US citizens are required to file their tax returns by April 15 each year, the filing deadline is Monday, June 17, 2013 (the normal June 15 date falls on a Saturday this year so is extended until Monday) this year for expats who meet the criteria for living overseas.  Note:  Any us tax owed for 2012 should have been paid by April 15 and will continue to accrue interest until the tax is paid.  If not paid by June 17th, penalties will also be imposed.  A further extension to file (but not pay) can be made for October 15, 2013 if done by this deadline.  Here is a detail of how and when penalties apply.

Generally, US citizens, resident aliens and certain nonresident aliens must report specified foreign financial assets on Form 8938 (instructions).

Separately, taxpayers with foreign accounts whose aggregate value exceeded $10,000 at any time during 2012 must file TD F 90-22.1 (FBAR) by June 28, 2013 (usual date is June 30, but brought forward due to falling on a Sunday).  Although an FBAR can be filed on paper, it can now be filed electronically.  Unlike a tax return, this report must actually be received by the IRS by the due date, not just mailed by that date.

In summary:

  • June 17, 2013.  Filing deadline for eligible expats without a further extension
  • A Form 8938 may be required for specified foreign assets
  • June 28, 2013.  Filing deadline for TD F 90-22.1 (FBAR)
  • October 15, 2013.  Filing deadline for eligible expats if an extension submitted

For information on those taxpayers who have fallen behind on their US filing requirements, please see our website for more information on Voluntary Disclosure.

 

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