Its been a busy week for us at US Global Tax. Here we are at the first deadline for the year, the 15th March foreign trust filing deadline (most corporate tax filings also are due today).
For any US citizen who has an interest in a non-US trust, you may have a requirement to report this to the IRS using Form 3520-A.
The deadline for this form is 15th March, however it can be extended to 15th September using Form 7004.
Penalties for failure to file on time can be severe, and tend to be issued by default for late filed trust returns in recent years.
If you own, or have an interest in a non-US trust, and have not yet filed Form 3520-A, file Form 7004 with the IRS today. The IRS follow post-marked rules on extensions, meaning today (Monday 15th March) is the final day an extension can be posted and considered on time. Electronic extensions can be submitted up until the 16th March (Australia & NZ), due to the time zone difference in the US.
If you’re not sure if you have a 3520-A requirement, check with your tax professional today.
At US Global Tax, we file extensions for all of our clients. First we file them electronically where possible, with the remainder going by mail.
If you need any help with your foreign trust filing, call US Global Tax today, or submit an enquiry on our website.