International tax forms sometimes have separate due dates that do not coincide with the most well-known deadline, April 15. It is important to be aware of these other due dates, as they can carry substantial late filing penalties. Here are a few international-related tax forms and their due dates:
This is used to report tax withheld on certain income of foreign persons, including nonresident aliens, foreign partners in U.S partnerships, and foreign beneficiaries of U.S. trusts and estates. There is also a Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, and Form 1042-T, Annual Summary and Transmittal of Forms 1042-S. The due date for all 1042 series forms is March 15.
These forms are used to report the total liability under Section 1446 for a partnership’s tax year. A U.S. partnership is required to withhold tax on non-resident partners even if there were no distributions made. The due date is March 15 but can be extended using Form 7004.
A foreign trust with at least one U.S. owner must file this form annually to provide information about the trust, its U.S. beneficiaries, and any U.S. person who is treated as an owner of any portion of the foreign trust. The form is due March 15 but can be extended using Form 7004. While not a typical trust, some non-U.S. retirement plans are subject to this reporting.
If you own or have authority over a foreign financial account, including a bank account, brokerage account, mutual fund, cryptocurrency, life insurance, and (in some cases) a non-U.S. retirement plan then you may be required to file the FBAR. The deadline is April 15, but if you do not make the filing deadline, you will be given an automatic six-month extension, moving the deadline to October 15. You do not need to complete any additional paperwork for the extension.
Foreign income and accounts create additional complexities when filing your tax return. It is important to be aware of the different due dates and filing requirements. Our International Tax Group has extensive experience with the myriad tax forms. Please contact us if you would like to learn more about how we can help you with your tax return.
By Jennifer Cremerius