Showing posts with label IRS. Show all posts
Showing posts with label IRS. Show all posts

Sunday, 27 June 2010

US Expats must keep the IRS informed

One of the many joys of being a US citizen is that you get to file yearly tax returns to the IRS for the rest of your life no matter where you live!  Most people know that little tidbit, and obviously heaps of people decide to move overseas regardless.  So April 15 continues to be a day of reckoning for us expats.

Less known is that there is another date to mark on your calendar as a US expat: June 30.  This is the date that your TD F 90-22.1 is due.  Now, not all US expats have to file this form, but if you happen to open any bank accounts in your new country of residence, and at any point in the year your combined balance goes over $10,000 (US), then the IRS wants to know about it.  And you use the TD F 90-22.1 to tell them.  Here is the IRS website's handy page on the matter:
http://www.irs.gov/newsroom/article/0,,id=218835,00.html

And if this is the first you're hearing about it and you meet the requirements for 2009, then you better get on it quick, because the due date is Wednesday.

Due June 30
The annual due date for filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), is June 30. The FBAR must be received by the IRS on or before June 30. Unlike tax returns, the FBAR is considered filed on the day it is received by the IRS. Postmarks are not considered evidence of timely filing.