NEW TAX RETURN AND FBAR DEADLINES
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As part of HR 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (commonly known as the highway funding bill), various tax and information report deadlines have been changed. The following article discusses and summarizes the new tax and information dates.
IMPORTANT DEADLINE – BE-10 BENCHMARK SURVEY OF US DIRECT INVESTMENT ABROAD
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This is a reminder to our clients and friends that the BE-10 Benchmark Survey of US Direct Investment Abroad needs to be filed by June 30, 2015 for new filers. This survey is made once every five years and the survey calculates data from US direct investment abroad. It is now required to be completed whether or not the BEA has contacted you to complete the survey. It applies not only to businesses but also to individuals provided that there is a reporting obligation. A reporting obligation exists if a US person that had a direct or indirect ownership or control of at least 10 percent of the voting stock of an incorporated foreign business enterprise or an equivalent interest in an unincorporated foreign business enterprise at any time during its 2014 fiscal year. Penalties may be applied if you were required to file but you failed to do so. You may request an additional two-month extension by June 30, 2015. We have provided a FAQ on this form below to assist you in determining whether you have a filing obligation and, if not already filed, on how you may request an extension to file.
While BE-10 applies to US individual residents and US companies, a similar Benchmark Survey, BE- 13, may require certain foreign persons investing in the US to file similar reports.
IMPORTANT US TAX AND INFORMATION REPORTING DEADLINES
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This is a reminder to our clients and friends that there are two important deadlines for US tax and information reporting purposes that are coming soon.
First, US tax residents that are individuals and who live abroad have until June 15, 2015 to file their US tax return (Form 1040) or an extension. Attached to Form 1040 must include Form 8938, “Statement of Special Foreign Financial Assets,” if you have a financial interest in “Specified Foreign Financial Assets” and you meet certain asset valuation thresholds. This requirement came into law as part of the Foreign Account Tax Compliance Act of 2010 (“FATCA”). Temporary regulations were issued in late 2011 and finalized in late 2014. Also, nonresident aliens may also have file a US income tax return (Form 1040NR) if they had US source income or were engaged in a US trade or business in 2014. The deadline is also June 15, 2015, unless you received wages subject to US income tax withholding. In that case, the deadline was April 15, 2015. As today is June 15, 2015, you should file an extension if you have not already done so or cannot file your US income tax return by the deadline. This extension will give you four extra months of time to file your US income tax return. Extensions are filed on Form 4868 “Application for Automatic Extension of Time To File US Individual Income Tax Return” and can be e-filed.
Second, US tax residents must also file Form 114, “Report of Foreign Bank and Financial Accounts,” by June 30, 2015.
Our Client Alert discusses these reporting obligations in more detail.
InFBAR, FATCA, International Tax, OVDPTagsFBAR, Form 8938, International Tax, OVDP
