" What Deadlines For Foreign Income & Assets ? "

US Citizens must report World Wide Income On Federal Tax Return.  If you lived Outside the US  on the due date of Regular Return, your 2016 Tax Return Deadline is June 15, 2016.  Deadline to report interest in Foreign Financial Institutions is End of June 2016.

 A) FATCA Requirements - Referring to the Foreign Account Tax Compliance Act, US Citizen and Resident Aliens must report World Wide Income.  That is disclose Income from Foreign Accounts on Schedule B.

B) You may have to file form 8938 showing Statement of Special Foreign Financial Assets with your Tax Return.

C) FBAR Requirements - It refers to Form 114, Report of Foreign Bank & Financial Accounts. This is filed with Financial Crimes Enforcement Network (FinCEN) a bureau of Treasury Department.if the Aggregate value of the Account exceeds $10,000.  This includes any Signature authority  on the accounts.This form 114 is filed electronically separately from Tax Return. Deadline for filing Form 114 is June 30.

Failure to File these forms can result in $10,000 or more in  Penalties including Jail time.

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