Is Uncle Sam Looking For You?

Getting behind on US taxes seems to be a trend for expats, probably because they don’t really think about it while living overseas.

The rule is: US citizens, no matter where they live, must file a US tax return which reports their worldwide income …that’s US and foreign income, no matter what the source! Wages, commissions, self employment earnings, interest, dividends, capital gains, retirement distributions, social security must be reported.

If you haven’t filed in awhile it is important for you to know that the IRS has 10 years to collect taxes due, so there is a 10 year statute of limitations if you owe tax. If your returns are just informational, that is that you owe no tax, the filing statute is 6 years.

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