Tax Samaritan Reminds U.S. Taxpayers Of U.S. Tax Reporting Obligations For US Expat Tax Preparation and Filing - What Americans Need to Know About US Expat Tax Returns

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Tax Samaritan reminds US citizens with the upcoming expat tax preparation and filing deadline that the rules for filing income tax returns and paying estimated tax are generally the same whether in the United States or abroad. With taxation of worldwide income, U.S. and foreign income is subject to U.S. income tax, regardless of country of residence.

Expat Tax

Tax Samaritan

“One of the biggest mistakes that American expats make is assuming that they don’t have to file a tax return with the IRS if they don’t owe any US taxes and that is not the case”

With nearly seven million US taxpayers residing overseas, Tax Samaritan wants U.S. citizens to know that the U.S. is the only country that has taxation of worldwide income for all of its citizens and as such has US expat tax preparation and filing requirements, no matter the country of residence and time of overseas. Well, actually the U.S. is almost the only country. Eritrea has what is known as a “diaspora tax” on its citizens.

Most U.S. Taxpayers Abroad Need To File
Tax Samaritan reminds US citizens that the rules for filing income tax returns and paying estimated tax are generally the same whether living in the United States or abroad. With taxation of worldwide income, U.S. and foreign income for Americans is subject to U.S. income tax, regardless of location. It is known as a citizenship-based income tax.

“Elsewhere in the world, the basic rule is that taxes are based on residency and not on taxation of worldwide income based on citizenship. This causes a lot of confusion and dismay for US taxpayers overseas”, said Randall Brody, founder of Tax Samaritan and an Enrolled Agent. The filing deadline is Monday, June 15 for US taxpayers whose tax home and abode are outside the United States on the regular due date of the return (April 15). “One of the biggest mistakes that American expats make is assuming that they don’t have to file a tax return with the IRS if they don’t owe any US taxes and that is not the case”, said Randall Brody.

Foreign Bank Account Reporting (FBAR)
Tax Samaritan strongly reminds taxpayers with an interest in, or signature or other authority over, foreign financial accounts whose aggregate value exceeded $10,000 at any time during 2014 must file with the U.S. Treasury Department the FinCen Form 114, Report of Foreign Bank and Financial Accounts (FBAR). The FBAR must be filed electronically by Tuesday, June 30.

“Free tax advice about current year FBAR disclosures and late FBARs and expat taxes may prove invaluable, and it’s available just by calling +1-702-350-1040 or by emailing us at info(at)TaxSamaritan(dot)com,” said Randall Brody.

About Tax Samaritan

Tax Samaritan is a team of Enrolled Agents with over 25 years of experience focusing on US tax preparation and representation for U.S. taxpayers worldwide. Founded by Randall Brody, an enrolled agent licensed by the US Department of the Treasury to represent taxpayers before the IRS for audits, collections and appeals. With over 25 years of tax industry experience, Brody stands as one of the most experienced tax professionals to service taxpayers abroad.

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Randall Brody
@TaxSamaritan
since: 08/2013
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