Upcoming Deadlines for International Form Reporting to IRS
Each year, US Taxpayers across the globe who have foreign bank accounts and other accounts, assets, and investments are required to report their international information to the IRS and FinCEN one or several different international information reporting forms depending on the category and value of the investments. Unfortunately, the Internal Revenue Service does not make it easy for taxpayers to keep track of when they are required to report the forms — and what the due dates are. It is important to note that not all of the international reporting forms are filed at the same time – some of them have different due dates than others — and even the process for seeking an extension for filing the forms may vary depending on the type of form. Likewise, some forms are required to be filed even if a tax return is not required — while other forms are only required when the tax return is actually required to be filed. Let’s review some of the due dates for the more common international reporting forms.
FBAR (FinCEN Form 114) Filing Deadline
While there has not been another recent update since 2021, for the past few years the FBAR has been due by April 15, similar to the tax return. But, through the filing of the 2020 FBAR — the due date has been an automatic extension, so the taxpayers have until October 15 to file the FBAR without having to formally request an actual extension.
Form 8938 (FATCA) Filing Deadline
Form 8938 is a part of the actual tax return and is only required when the tax return is required to be filed – which is different than the requirements for several of the other international reporting forms. Form 8938 goes on extension with the tax return if a tax return extension is filed –– it is not automatic. Thus, Form 8938 is due when the taxpayer’s tax return is due; and if the tax return is on extension — then so is Form 8938.
Form 3520 Filing Deadline
Form 3520 is generally due at the same time that a person’s tax return is due – April 15 (exceptions, exclusions, and limitations do apply). But, if the taxpayer resides overseas for example, and has a different due date, then the form 3520 would usually be due on that same date as well — although some proactive measures must be taken by the taxpayer to identify the extension/due date on the actual filed form. If a person files a tax return extension, the form 3520 goes on extension as well.
Form 3520-A Filing Deadline
Form 3520-A due date is different than Form 3520. The Form 3520-A due date is usually March 15 for individuals. Unlike these other forms identified above, if a taxpayer wants to file an extension form 3520, they must lodge an extension Form 7004 –– which is typically used for business forms, and not form 4868 which is generally used for individuals.
Form 8621 Filing Deadline
Form 8621 is used to report Passive Foreign Investment Companies (PFIC). The form is due at the same time a US person’s tax return is due, but if a taxpayer applies for an extension of their tax return then Form 8621 goes on extension as well.
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