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The IRS reminded U.S. citizens and resident aliens, including those with dual citizenship, to check if they have a U.S. tax liability and a filing requirement. At the same time, the agency advised anyone with a foreign bank or financial account that a new deadline now applies to reports for these accounts, often referred to as FBARs. Starting this year, the deadline for filing the annual Report of Foreign Bank and Financial Account (FBAR) is now the same as for a federal income tax return. This means that the 2016 FBAR, Form 114, must be filed electronically with the Financial Crimes Enforcement Network (FinCEN) by April 18, 2017. FinCEN will now grant filers missing the April 18 deadline an automatic extension until October 16, 2017 to file the FBAR. Specific extension requests are not required. In the past, the FBAR deadline was June 30 and no extension were available.
If you are a U.S. citizen or resident allien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardiess of where you reside. If you are a U.S. citizen or resident alien residing overseas, or are in the military on duty outside the U.S. on de the regular due date of your return, you are allowed an automatic 2 – month extension to file your return and pay any amount due without requesting an extension (june 15 for calendar year taxpayers). If you qualify for 2 – month extension but are unable to file your return by the automatic 2 - month extension date, you can request an additional extension to October 15 by filing Form 4868.