Beware of 15th April and other US tax deadlines
By Helena Turner
Associate Director, US Tax & Financial Services
Spring has finally sprung so that means the US tax season is also well and truly underway!
For those of us needing to file personal income tax returns but will be unable to meet the April 15th filing deadline, do not panic! Additional time can be obtained!
Taxpayers living outside the United States have an automatic extension to file their returns to June 15th, -no form needs to be submitted to the IRS. Please note, however, that any expected outstanding tax should be paid to the IRS by April 15th as interest charges will start accruing from that date. Payment can be made using the Form 4868 which will also provide even further time to file your returns to October 15th.
April 15th is also the due date for filing the first of your four estimated tax payments for the 2014 calendar year.
Once April 15th is out of the way there are other filing deadlines that you may also wish to consider in respect of your personal US taxes, and these include the following:
- June 15th is the filing deadline for those using the automatic 2-month extension – as the 15th falls on a Sunday in 2014 the deadline is further extended to Monday, June 16th. You either need to file your income tax returns or Form 4868 requesting additional time to file the returns to October 15th. June 15th is also the due date for the second payment of your estimated taxes for the 2014 calendar year.
- June 30th is the date by which your FBAR form must be received. This form is now called the FinCEN Form 114 and can only be filed electronically. Details on this form can be found here.
- September 15th is the date for filing your third estimated tax payment for your 2014 taxes.
- October 15th is the date when your extended return needs to be filed or an additional extension may be requested to December 15th if done in writing to the IRS explaining the reason why further time is needed to file your return. The IRS is not required to approve this request.
- December 15th is the final filing deadline for extended 2013 income tax returns. Returns filed after this date will be deemed as late and late filing penalties will apply. (There is one exception to this and it relates to those who are extending their returns to qualify for the foreign earned income exclusion. The extended deadline is January 30th.)
- December 31st – you may wish to pay UK tax due for the 2013/14 tax year by this date so that any foreign tax credits may be set against your 2014 US taxes or carried back one year to your 2013 US taxes.
- January 15th, 2015 is the due date for the payment of your fourth and final estimated payment for your 2014 taxes.
The above dates apply to the payment of taxes and the filing of Federal individual income tax returns and whilst many states do follow the Federal rules it is worth checking to make sure the due dates are the same.
If you have other US filing requirements, for example trust returns in respect of a UK personal pension plan, or gift tax reporting, the filing deadlines for these are different and should also be checked out.
Helena Turner, Associate Director, US Tax & Financial Services
Helena Turner has over 20 years US expatriate tax experience with a specific expertise on cross border taxes with the UK. Prior to joining US Tax & Financial, she began her career with the international Big 4 firm of Coopers & Lybrand (now PwC) and has since managed global assignment programs and worked with high net worth individuals for Ernst & Young, Grant Thornton and for US Tax & Financial for the last 8 years in Geneva, Zurich and London.
She has extensive knowledge of US/UK and cross border tax compliance and planning issues relating to American citizens living abroad and investing in or moving to the US. Helena is responsible for business development and consultancy work for individual US Tax clients in London.