Report Worthy Overseas Income
When a U.S. citizen wishes to report worldwide income, they must follow certain steps. These steps are designed to ensure the paperwork is filed properly and the IRS receives all of the tax returns from citizens who are trying to report theirs. By law, Americans domiciled outside of the United States, and even many non-U.S. citizen residents, must file an annual U.S. federal income tax return, and report any worldwide income with the IRS. In many cases this paperwork is confusing and can lead to further complications with the IRS. Many citizens have found that hiring a tax service to help them file their returns has helped ease their concerns and worries.
There are specific instructions for filing the tax returns with the IRS that are based on the calendar year. The forms are available for the current year and previous years if you are unable to find the specific instructions. In order to file your paperwork correctly, it is important to know which form you need to fill out in order to report your foreign accounts. The FABAR tax returns for foreigners are available from several different sources.
Those interested in learning more about the FABAR program can contact the Internal Revenue Service by phone or online. Those who need assistance in preparing their paperwork can find many publications at the IRS website and the Tax Help page. If a taxpayer is not sure what form they need to file, they can contact the IRS directly and they should be able to give the information that they need. Those who are unable to meet all of the requirements for filing can still file form FABAR.