Robert J. Fedor, Esq., L.L.C.

June signals busy tax time for Americans living abroad

It's finally June and Ohio residents who endured a brutal winter and unusually chilly spring are able to enjoy the warmth and sun. As many Ohioans are busy planning summer vacations and activities, others are busy getting tax documents in order. That's right, taxes in June. While the deadline to file and pay tax returns was April 15 for most Americans, for those who were out of the country during April or living abroad, June is a critical tax month.

June 17 marks the official IRS deadline for those individuals who were out of the country on the normal April 15 tax deadline. In order to qualify for the two-month extension, individuals must have been living outside of the United States on April 15. While individuals are not required to file any additional paperwork to qualify for the two-month extension, taxpayers must submit documentation to support that they were indeed living abroad when the April 15 deadline rolled around. Many active duty members of the military qualify for this automatic extension.

June 30 also marks the deadline to file documentation related to any foreign financial accounts in accordance with the Bank Secrecy Act. In many cases, individuals who have foreign bank or brokerage accounts are required to file a Report of Foreign Bank and Financial Accounts with the IRS. The June 30 deadline by which to file is firm and no extensions are granted. Failure to comply with IRS policies related to the reporting of foreign accounts may result in penalties and possible criminal charges.

Individuals affected by these IRS June tax deadlines would be wise to ensure all necessary tax-related documentation is submitted and filed on time. In the event an individual misses a deadline, it's wise to contact the IRS immediately. Individuals facing tax problems related to delinquent taxes, tax debt may also want to consult with a tax attorney.

Source: Forbes, "June A Busy Month At IRS For Taxpayers and Tax Pros," Kelly Phillips Erb, June 2, 2013