Daily Tax Update - April 11, 2014: IRS Reminds Those with Foreign Assets of Tax Obligations

IRS REMINDS THOSE WITH FOREIGN ASSETS OF TAX OBLIGATIONS:  The IRS reminded “U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2013, that they may have a U.S. tax liability and a filing requirement in 2014.”  The IRS said that the filing deadline is June 16, 2014, for U.S. citizens and resident aliens living overseas, or serving in the military outside the U.S. on the regular due date of their tax return.

The IRS also reminded “taxpayers with foreign accounts whose aggregate value exceeded $10,000 at any time during 2013 must file electronically with the Treasury Department a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR).” That deadline is June 30, 2014 and must be filed electronically and is only available online through the BSA E-Filing System website.