{"id":408,"date":"2016-06-14T08:41:00","date_gmt":"2016-06-14T08:41:00","guid":{"rendered":"https:\/\/directcpa.com\/?p=408"},"modified":"2016-06-11T19:35:15","modified_gmt":"2016-06-11T19:35:15","slug":"do-you-file-a-foreign-business-or-personal-tax-return","status":"publish","type":"post","link":"https:\/\/directcpa.com\/es\/do-you-file-a-foreign-business-or-personal-tax-return\/","title":{"rendered":"Do you file a foreign business or personal tax return?"},"content":{"rendered":"

\"ForeignIf you do then it may be necessary to report this income on a U.S. tax return. \u00a0Most foreign countries have a guideline that requires you to include a report all personal and business assets in the tax return. <\/span>\u00a0With the globalization of the world, countries are starting to share information included in this information are tax returns for better taxation and financial tracking. \u00a0Some \u201ctaxable residents\u201d \u00a0have already been questioned by custom agents at international ports of entry and exit.<\/span><\/p>\n

It is required by law to file foreign tax returns with the United States Internal Revenue Service. Failing to declare foreign assets with a Report of Foreign Bank and Financial Accounts (FBAR) and in your US tax return can result in severe penalties. Additionally, the FBAR deadline must be strictly adhered to; unlike the <\/span>annual tax return deadline<\/span> the FBAR deadline is not extendable. \u00a0For 2015 fiscal year, the FBAR deadline is June 30th, 2016.<\/span><\/p>\n

Are you required by law to file an FBAR?
\n<\/b>According to United States tax regulations, all United States citizens who own a reputable foreign financial account are required to file a <\/span>Report of Foreign Bank and Financial Accounts<\/a> (FBAR). Here is a brief rundown of who should themselves also consider themselves as United States citizens and need to file both an FBAR and Form 1040 which is used by both United States citizens and legal \u201ctax resident\u201d filers.<\/span><\/p>\n

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  1. Persons who have been residing in the United States for a period that exceeds 120 days in the 3 last calendars.<\/span><\/li>\n
  2. Persons who have resided in the United States for a period that exceeds 183 days in a year.<\/span><\/li>\n<\/ol>\n

    What is considered as a business asset?
    \n<\/b>According to United States tax regulations business assets may include:<\/span><\/p>\n