U.S. Tax Information
All U.S. Citizens and Legal Permanent Residents must report worldwide income from all sources to the U.S. Internal Revenue Service. You may not have to pay any U.S. tax, but you must file an annual tax return. Tax assistance is available:
- IRS International Customer Service in Philadelphia
Fax: 001-941-1055, from 12:00 noon - 2:00 AM.
- IRS London Office
Fax: 0044-207-495-4224 weekdays from 10:00 AM - 1:00 PM, (Norwegian time).
U.S. income tax returns for 2012 are due on April 15, 2013. However, if you reside overseas, your return is due on June 17, 2013 because you are given an automatic two-month extension to file. If this is your case, write across the top of your return: Taxpayer Resident Abroad. However, any tax due must be paid by April 15, 2013 to avoid being charged penalties and interest.
Please note that the IRS no longer publishes the Overseas Filing Package. Tax forms can be downloaded from the Internet at the IRS website online, or obtained by calling the IRS at 001-800-829-3676.
The United States Internal Revenue Service has no official exchange rate and accepts any posted exchange rate that is used consistently.
The unofficial average exchange rate for 2012 is $1 = NOK 6.06
Exchange rates for previous tax years were as follows:
- 2011: $1 =5.847
- 2010: $1 = 6.20
- 2009: $1 = 6.30
- 2008: $1 = 5.647
- 2007: $1 = 5.864
- 2006: $1 = 6.42
- 2005: $1 = 6.44
- 2004: $1 = 6.74
- 2003: $1 = 7.08
- 2002: $1 = 7.98
- 2001: $1 = 8.99
- 2000: $1 = 8.80
Reporting Foreign Bank Accounts
The public may be unaware of their obligation to report their foreign bank accounts to the Department of the Treasury. Recent news events have highlighted foreign bank accounts reporting. While there are many legitimate reasons to own foreign financial accounts, there are also responsibilities that go along with owning such accounts. Foreign account owners may have to report thier accounts to the government, even if the accounts do not generate any taxable income. The link below provides information for filing a Report of Foreign Bank and Financial Account, Form TD F 90-22.1, which is better known as the FBAR form.
The IRS released a new Form 8938 that requires taxpayers to report on certain foreign financial assets for tax year 2011. For instructions and more information please see the IRS website.
For more information regarding reporting foreign bank accounts, please visit the IRS website.