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Typically, expats receive an automatic 2-month extension, but if you owe taxes, you must pay by this date to avoid penalties and/or interest. Due to the COVID-19 pandemic, the IRS has extended this due date to July 15th.
Foreign Bank Account Report (FBAR) must be filed electronically via FinCEN Form 114. If needed, you can get an automatic extension to June 15th or October 15th.
The IRS has also extended this deadline due to the COVID-19 pandemic. However, if you want to file an additional extension to October 15th, you will need to do so by April 15th in the US or June 15th if you are abroad.
If you filed an extension prior to April 15th in the US or June 15th while abroad, this is your final deadline for your expat taxes, FBAR, and FATCA filing.
Below is a list of the most common documents we need to prepare your expat taxes. You can also find this information on the last page of your Questionnaire.
If we prepared your return last year, then we will already have a copy.
These are your pay slips from Jan. to Dec. of the tax year.
This is likely to be your business P&L, Balance Sheet and Cashflow statement.
This is likely to be a Form 1099 from a US financial institution or your year-end interest statement from your local bank.
If you own a property in another country and you have a mortgage on that property, you should receive a statement saying how much interest you pay annually; this is the statement we need.
If you have withdrawn any money from any of these accounts, your employer or broker should have sent you a statement.
Any social security benefits that have been paid to you.
This could be rental income if you rent out a property, interest from bonds or savings accounts if they have not sent you a tax statement, etc.
If you earned income while living abroad, you'll need to file a Federal Tax Return. Includes Schedule A, Schedule B, Schedule C (1), Schedule D, Schedule E (1)Schedule K-1 (Up to 3), Form 1040, Form 1116, and Form 2555.
Some states require tax returns even while you're living abroad. Filing will depend on the last state you resided in and your ongoing association with the state.
You must file a Foreign Bank Account Report (FBAR or FinCEN Form 114) if you have $10,000 or more in foreign bank accounts at any point during the year. This includes up to 5 accounts ($50 for additional 5 accounts).
This includes 3 years of Federal Tax Returns and 6 FBARs in order to meet the requirements to get caught up on your taxes. It includes up to 5 accounts per FBAR form ($50 for additional 5 accounts).
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