Monday was Tax Day for residents in the US and most "US persons" trapped in the US Tax Net. But for Americans Abroad, expats' own tax-hell is about to begin. June 15th is the deadline for filing US income tax returns for non-residents caught in the US tax net. Worse, June 30th is deadline for RECEIPT (not mailing!) of the dread FBAR and Form 8938.
Time to get your financial records in order and get going on your filing requirements so you can meet these deadlines.
Remember! It's not just US citizens who are subject to US tax laws. IRS defines "US persons" more broadly than any other country in world stretches their tax boundaries. Legal permanent residents, even if they are outside the US, are still subject to US tax laws. So are a host of others. If you have any US income or any kind of US connection, beware! Make double-sure you're not trapped.
Many foreigners delivered their babies in the US, thinking they were giving the "gift" of US citizenship to their offspring. For example, it was quite popular in the 1990's for Koreans in an attempt to keep sons out of Korea's military service requirements. Backfire! All these kids, who have been living back in their and their parents' countries since infancy or childhood, now are be hunted down by IRS for their income tax payments. Failure to file and failure to pay, as required, are both felonies. With FBAR and Form 8938, penalties are downright draconian.
Exercise extreme caution! If you are a US citizen residing outside US, or if you have other ties to US which might trap you in the net, make sure you verify whether you have to file, what you have to file, and get it done on time!
May your road rise to meet you,
Ann
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