EXPATRIATE INCOME TAX UPDATE 01:
For American expatriates, the tax
>> filing deadline this year is 16 June. This means that the tax return
must
>> be at the IRS Service Centre in Austin, Texas by the due date.
Postmarks
>> do not count. For this reason, electronic filing is the better option
>> over
>> snail mailing. The due date can be extended by filing Form 4868 -
>> Application for Automatic Extension Of Time to File U.S. Individual
>> Income
>> Tax Return. This form extends the due date to 15 OCT 08. However you
will
>> owe interest on any unpaid taxes that were due 14 APR for the 2007
>> calendar year. IRS may also assess a late payment penalty of 1/2 of 1%
of
>> any tax not paid by the regular due date up to 25%. A late filing
penalty
>> of 5% per month up to 25% can also be assessed if the return is filed
>> late. Form 4868 can either be filed electronically or by post.
>> Expatriates
>> making a payment with the Form should send to the IRS Service Centre
at:
>> PO Box 660575, Dallas TX 75266-0575. Those not making a payment can
send
>> to: Austin, TX 73301-0215. [Source: The Tax Barron Jun/Jul
08 ++]