Two major tax and information reporting deadlines are fast approaching in the month of June.
June 15th – Individual Income Tax Filing Deadline for some taxpayers
June 15th is the federal individual income tax filing deadline for some U.S. citizens and residents and nonresident aliens. Generally, U.S. citizens and residents must file individual income tax returns by April 15th. However, U.S. citizens and residents who are living and working outside of the United States or who are in military service outside of the United States on April 15th may qualify for an automatic two month extension to June 15th. If you require more time to file your return, you may request an additional extension to October 17, 2011. Please note, however, that not all states follow the federal rule by allowing an automatic two month extension for citizens and residents living abroad on April 15th, so you should check with your state to see your filing deadline for state purposes.
Individuals who are filing a Form 1040NR, “U.S. Nonresident Alien Income Tax Return,” and who did not receive wages as an employee subject to U.S. income tax withholding, are also given until June 15th to file the Form 1040NR. Again, you should check with your state to see whether they follow this federal rule. Individuals who are filing a Form 1040NR are also eligible for an additional extension of time to file their return until October 17, 2011 if an extension is requested.
June 30th – Foreign Bank Account Reporting Deadline (”FBAR”)
The Form TD F 90-22.1, “Report of Foreign Bank and Financial Accounts” (“FBAR”), must be received by the Treasury Department by June 30th, with no available extensions. This form must be filed each year by any U.S. citizen or resident who has a financial interest in, or signature authority over, foreign financial account(s) that in aggregate are worth more than $10,000 on any day during the calendar year. Currently, nonresident aliens do not need to file an FBAR. The penalties for failing to file a timely FBAR are significant, and the FBAR rules are complex and changing, so please contact us if you think that you might need to file an FBAR for 2010 or prior years. If you would like The Wolf Group to prepare your 2010 FBAR, please provide your foreign account information to us as soon as possible, but no later than June 15th.
This newsletter is for informational purposes only. It should not be construed as tax, legal, or investment advice. Information has been gathered from sources believed to be reliable, but individual situations can vary and you should consult with your investment, accounting and/or tax professional.
ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN BY THE WOLF GROUP TO BE USED, AND CANNOT BE USED, BY A CLIENT OR ANY OTHER PERSON OR ENTITY FOR THE PURPOSE OF (i) AVOIDING PENALTIES THAT MAY BE IMPOSED ON ANY TAXPAYER OR (ii) PROMOTING, MARKETING OR RECOMMENDING TO ANOTHER PARTY ANY MATTERS ADDRESSED HEREIN.