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, 2016 for the 2015 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

  1. April 15th for residents of the U.S. or anyone with US employment income who receives a W-2 Form.
  2. June 15th for anyone living outside of the U.S. (who does not receive a W-2).
  3. Can be extended to October 15th with the filing of an extension.

Important numbers for 2016

  • Standard deduction is $6,300 USD and the personal exemption is $4,050 USD for 2016.
  • Foreign earned income exclusion is $101,300 USD for 2016.
  • U.S. Citizens or Residents – General lifetime exemption (gift and estate tax exemption) is $5.45 million USD for 2016 and $5.49 million USD for 2017.
  • Annual gift amount of $14,000 USD to non-spouses (2016 and 2017).

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.