IRS Announcement this Month (April 2015): IRS Reminds Those with Foreign Assets of U.S. Tax Obligations

The IRS again this year reminded U.S. citizens residing overseas of their tax return filing obligations. 

In the IRS announcement, IR-2015-70, April 10, 2015, titled IRS Reminds Those with Foreign Assets of U.S. Tax Obligations, the federal agency charged with enforcement of U.S. federal tax and financial account reporting laws, provides in part as follows:

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Most People Abroad Need to File

A filing requirement generally applies even if a taxpayer qualifies for tax benefits, such as the foreign earned income exclusion or the foreign tax credit , that substantially reduce or eliminate their U.S. tax liability. These tax benefits are not automatic and are only available if an eligible taxpayer files a U.S. income tax return.

The filing deadline is Monday, June 15, 2015, for U.S. citizens and resident aliens whose tax home and abode are outside the United States and Puerto Rico, and for those serving in the military outside the U.S. and Puerto Rico, on the regular due date of their tax return. 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.

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Prior posts have discussed related filing issues, including the following:

• IRS Beats the Drums – Re: Foreign Assets, Just Days Before April 15 (Posted on April 12, 2014)

• USCs and LPRs Living Outside the U.S. – Key Tax and BSA Forms(Posted on March 17, 2014)

• Nuances of FBAR – Foreign Bank Account Report Filings – for USCs and LPRs living outside the U.S.