US Expat Tax Update: You Have to File… But In All Likelihood, You Won’t Owe Any Money

June 14, 2011 - PRLog -- New York – With the June 15th US expat tax deadline only days away, we wanted to share a potential piece of good news for US expats: a recent survey of over 200 Americans living overseas shows that just over 68.5% of respondents did not owe any money on their US Expat Taxes last year. A further 24.6% did owe money on their US taxes and the remaining 6.9% had not filed.

“This is great news for Americans living abroad,” said David McKeegan of Greenback Expat Tax Services (www.greenbacktaxservices.com). “This is also very good news for anyone worried about coming forward and taking advantage of the 2011 Offshore Voluntary Disclosure Initiative.”

The United States is one of the only countries that require its citizens to file a tax return and potentially pay taxes, even if the citizens live abroad. The survey also showed that 65% of people thought it was unfair to require US expats to file a US tax return. Just over 25% of those surveyed agreed that US citizens living abroad should be required to file a US tax return each year. The remaining 10% were undecided on the issue.  

For US expats, taxes are due on June 15th and the Foreign Bank Account Report (FBAR) is due on June 30th.  Whilst it is possible to file for an extension on your US expat taxes, there is no extension available on the FBAR.

“It is very important for US expats to file the FBAR accurately and on time. Failure to file can lead to significant penalties” said David McKeegan of Greenback Expat Tax Services. If you have not been filing your US taxes while living abroad or did not know about the FBAR requirement you should try to come forward now, before the end of the 2011 Offshore Voluntary Disclosure Initiative (OVDI), which ends on August 31, 2011. This is your best opportunity to get caught up on your US expat taxes and disclose your overseas bank accounts. No one knows what or how the penalties will be enforced in the future!”

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About Greenback Expat Tax Services
Greenback Expat Tax Services specializes in preparation of US Expat Taxes for Americans living abroad. Incorporated in New York, Greenback’s CPAs have 30+ years specialist experience in US expat taxes. Greenback offers flat fee pricing ($329 for a federal return); a simple, hassle-free process; and, most importantly, CPAs who are experts in the ins-and-outs of US expat taxes. For more information and to download a free guide to US expat taxes, visit http://www.greenbacktaxservices.com/