Here are some U.S. and cross-border tax items to keep in mind:
Foreign bank account reporting form (FBAR or Fin CEN114)
The FBAR has previously been due on June 30th of the next calendar year (June 30, 2015 for the 2014 form). The filing deadline has been changed to the same day as the tax return and can be extended similar to the tax return. This form is required for all U.S. citizens or residents who have an aggregate of financial assets outside of the U.S. of greater than $10,000 USD at any point during the year.
Reminder of U.S. tax return due dates
- April 15th for residents of the U.S. or anyone who has U.S. employment income and receives a W-2 Form
- June 15th for anyone living outside of the U.S. (who does not receive a W-2)
- Can be extended to October 15th with the filing of an extension
Important numbers for 2015
- U.S. Citizens or Residents – General lifetime exemption (gift and estate tax exemption) is $5.43 million for 2015 and $5.45 million for 2016
- Annual gift amount of $14,000 to non-spouses (2015 and 2016)
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
