The Internal Revenue Service reminds all U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2013, that they may have a U.S. tax liability and a filing requirement in 2014.
The deadline for filing tax returns and other related financial information with the IRS is Monday, June 16, 2014 for U.S. citizens and resident aliens living overseas, or serving in the military outside the U.S. on the regular due date of their tax return. Eligible taxpayers get one additional day because the normal June 15 extended due date falls on Sunday this year. To use this automatic two-month extension, taxpayers must attach a statement to their return explaining which of these two situations applies. See U.S. Citizens and Resident Aliens Abroad for details.
Nonresident aliens who received income from U.S. sources in 2013 also must determine whether they have a U.S. tax obligation. The filing deadline for nonresident aliens can be April 15 or June 16 depending on sources of income. See Taxation of Nonresident Aliens on IRS.gov.
Federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts. In most cases, affected taxpayers need to fill out and attach Schedule B (PDF 108 KB) to their tax return. Certain taxpayers may also have to fill out and attach to their return Form 8938, Statement of Foreign Financial Assets.
In an effort to further explain these U.S. tax requirements, the IRS is hosting an Internal Revenue Service Webinar on Reporting of Foreign Financial Accounts on the Electronic FBAR, on Wednesday, June 4, 2014. Information for filers about the filing requirement is also available on the IRS website: IRS Reminds Those with Foreign Assets of U.S. Tax Obligations.