Do You Reside Overseas and Missed the June 15 Tax Deadline? 

Do You Reside Overseas and Missed the June 15 Tax Deadline?

Missed the June 15 Tax Deadline? 

June 15 Tax Deadline: Do You Reside Overseas and Missed the June 15 Tax Deadline? For US person taxpayers who reside inside the United States, they must file their US tax return by April 15 — unless it falls on a weekend or the US government extends the time to file — as in 2020, when the US government provided Taxpayers and automatic extension until May 17, 2021 to file their 2020 tax return.  For taxpayers who reside outside of United States, they typically have until June 15 to file their tax return with the IRS. (All US Taxpayers who reside in the US or abroad can apply for an extension to file until October). For Taxpayers outside the US who missed the June 15 deadline and did not timely apply for an extension —  they may be subject to fines and penalties — although Taxpayers maybe able to avoid these penalties by applying for one of the approved offshore amnesty programs.  Common issues involving the missed June 15 tax deadline include the following:

Tax Return

When a US Taxpayer misses the June 15 Tax Deadline to file their tax return, there are two main penalties they may be subject to right off the bat — the failure-to-file penalty and the failure-to-pay penalty (payment is still due by April).

These penalties max-out at a combined total of 25%.

Is FBAR Required by the June 15 Tax Deadline

No (at least not right now).

Whether a Taxpayer resides in United States or overseas, the FBAR is currently on automatic extension so that the taxpayer has until October 15 to file the FBAR. This rule is subject to change so each year taxpayers are approaching the tax deadline 4/15 or 6/15 — they should review the rule.

Form 3520 Gift or Trust Distribution

When a person receives a large gift or trust distribution from a foreign person, they are required to file Form 3520. Taxpayers who do not file this form may be subject to significant fines and penalties and if the taxpayer is late. And, due the very specific rule involving Form 3520 penalties, Taxpayers should speak with an experienced Board-Certified Tax Attorney before making any proactive representation to the IRS.

Form 5471 Foreign Corporation

The Form 5471 is used to report ownership in Foreign Corporations. Unlike some of the other international reporting forms, the Form 5471 is very detailed and comprehensive. 

Form 8865 Foreign Partnership

The Form 8865 is used to report for partnerships, and is very similar to the form 5471.

Form 8938

Form 8938 is used to report specified foreign financial assets in accordance with FATCA. The form is due at the same time that a tax return is due — and Form 8938 penalties can reach into the tens of thousands of dollars annually (and be issued for multiple years).

Offshore Amnesty Programs for Missed June 15 Tax Deadline

The Offshore Amnesty Programs were eveloped by the Internal Revenue Service to assist Taxpayers who are already out of compliance for non-reporting.

Some of the more common programs, include:

Did You Miss Taxes and Reporting in Multiple Years?

If you missed the June 15 tax deadline and/or have prior year noncompliance you may consider offshore disclosure in order to get into compliance.

If you had a prior year reporting requirement, but only begin to start filing in the current year (Filing Forward) — that is illegal. In the world of offshore disclosure, this is referred to as an FBAR Quiet Disclosure.

The IRS has warned taxpayers that if they get caught in a FBAR Quiet Disclosure situation, it may lead to willful penalties and even a criminal investigation by the IRS Special Agents.

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