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Tag Archive for US Citizens and Resident Aliens

US Citizens And Permanent Residents Living Abroad

It is quite easy for U.S. Citizens and permanent residents (green card holders) who reside in a country other than the U.S. to either forget or not be aware of their U.S. tax obligations. The rules for filing income, estate and gift tax returns and for paying estimated tax are generally the same even if you do not live in the U.S. Citizens and permanent residents of the US are taxed on their worldwide income. Your income is reportable even if you did not receive a form W-2 or Form 1099. (See Publication 525, Taxable and Nontaxable Income for more information.)

The increased attention by the US government on its overseas citizens might have caught your attention especially with the introduction of the Foreign Accounts Tax Compliance Act (FATCA) in 2010, which targets tax non-compliance by US taxpayers with foreign accounts. Read more

IRS Reminds Those with Foreign Assets of U.S. Tax Obligations

Nonresident aliens who received income from United States 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 to their tax return. Certain taxpayers may also have to fill out and attach to their return Form 8938, Statement of Foreign Financial Assets. Read more

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