The IRS is reminding U.S. citizens and resident aliens that worldwide income (including wages, unearned income and tips) is subject to U.S. income tax, regardless of where taxpayers live or earn income. If you live outside the U.S. or Puerto Rico, you have an automatic two-month filing extension to June 15, 2023. But even with this extension, you’ll owe interest on any tax not paid by April 18, 2023. You also must report to the IRS any foreign assets, including financial accounts. Finally, if you had financial authority over foreign accounts that totaled more than $10,000 at any time in 2022, file a Form 114, Report of Foreign Bank and Financial Accounts, with the U.S. Treasury Department.
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