The IRS reminds taxpayers in a news release (IR-2011-30) to report their foreign bank accounts on Schedule B of their income tax return and to file a Foreign Bank Account Report (TD F 90-22.1) if they are required. Also, the IRS has partnered with tax software companies to offer free electronic filing for taxpayers living outside the United States up to a certain income maximum. Taxpayers who live and work outside the U.S. may file their taxes before the June 15 deadline, or they may request an extension. Taxpayers must report their worldwide income, but they may be eligible to claim the Foreign Tax Credit if they paid taxes to a foreign government. Call our office for help.
IRS Reminds Taxpayers Abroad to Report Foreign Accounts Leave a comment