Why Americans Abroad Should File U.S. Tax Return?

Why Americans Abroad Should File U.S. Tax Return?

 

  • First and foremost, it is the law – If you’re a citizen of U.S. or resident alien, you need to file a tax report from all sources within and outside of the U.S.
  • If you fail to file, you can’t claim foreign financial income exclusion and you will be answerable for penalties.
  • If you are not filing tax, the statute of limitations never runs out. Thus it’s in your interest to file to ‘run the clock’ associated not leave yourself exposed to an audit down the road.
  • If you’re a green-card holder, filing U.S. return establishes…
  • If you are doing owe cash to the IRS and don’t report it, you’re susceptible to pay penalties and interest…
  • U.S. government is actively exploring the choice of refusing.
  • Lastly – the govt. is actively operating with foreign countries…