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Expat Tax Filing Deadlines Approaching



Tax Filing Reminder for U.S. Citizens and Resident Aliens Abroad



The deadline to file your 2023 tax return is approaching on June 17, 2024. This applies to all U.S. citizens and resident aliens living outside the U.S. and Puerto Rico, including those with dual citizenship.



Note: If you've been impacted by attacks in Israel, your filing deadline is extended to October 7, 2024.

What if I need an Extension?

If you need more time to file, you can automatically extend your filing deadline to October 15, 2024, by submitting Form 4868. << Linked to .pdf from IRS.GOV


Please note that any taxes owed must still be paid by the original June 17thh deadline.


Who Qualifies as Living Abroad?


You qualify if:

On the regular due date of your return you...

  1. Live outside the U.S. and Puerto Rico

  2. AND, your main place of business or duty post is also outside these areas

  3. OR, you are in military or naval service abroad.


Income and Asset Reporting

All worldwide income must be reported, as well as any ownership of foreign financial assets exceeding $50,000 during the year.


❗ Additionally, foreign financial accounts with an aggregate value over $10,000 at any point in 2023 must be reported through Form 114 to the Treasury’s Financial Crimes Enforcement Network (FinCEN). Read more at the IRS covering foreign financial accounts >>


Expatriates

Those who relinquished U.S. citizenship or were not considered lawful permanent residents during 2023 must file a dual-status alien return along with Form 8854.


Penalties

 Late filing can incur a penalty of 5% of the owed tax per month, up to 25%. Failing to pay the taxes by the due date will attract a penalty of 0.5% per month, also up to a maximum of 25%.


We advise you to ensure you meet these obligations to avoid any penalties and maintain compliance with U.S. tax regulations.



✅ For additional information, please contact your Dedicated Humanic Representative or reach out through our contact form and we can help set you up for success!

Reference Notes

🔗 See the IRS Website for more information on the topic:

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