Deadlines for Filing FBAR & Forms 3520, 3520A, 8938 & 5471

Deadlines for Filing FBAR and Forms 3520, 3520-A, 8938 & 5471

Form Filing Deadlines (International)

Another tax year is upon us and as U.S. Taxpayers across the globe get ready to prepare and file their 2022 tax returns and international information reporting forms, one of the key questions we receive is regarding when the annual FBAR (Foreign Bank and Financial Account Reporting) is due to be filed. The FBAR is technically referred to as FinCEN Form 114. And, while the form is not an IRS form — the Internal Revenue Service is tasked with the enforcement of FBAR filing. It is important to note that the due dates for filing the FBAR have changed over the past 10 years, which can make filing the form unnecessarily confusing.  Two common questions we receive about FBAR filing are:

• • • What is the deadline for filing the FBAR?

    • How can I apply for an extension?

FinCEN Form 114 (FBAR)

Unless the IRS modifies the deadline, the FBAR automatic extension should still be valid — which means the FBAR filing due date is still on automatic extension until October. Technically, the FBAR is due to be filed in April. But, for the past few years, the FBAR has been on automatic extension — which means taxpayers have until October to file the form. It is very important to note, that the US government can change or modify the reporting due dates and cancel the extension — so taxpayers should be sure to double-check the due date as April approaches.

Other International Forms Not on Automatic Extension

While the FBAR is on automatic extension through October, the remaining international reporting forms such as Form 8938 and Form 3520 are not. That means that most international information reporting forms (excluding Form 3520-A) are due in April — unless the Taxpayer applies for an extension.

Form 8938 Due Date and Extension

Form 8938 is used to report foreign assets to the IRS in accordance with FATCA (Foreign Account Tax Compliance Act). It is similar (but not identical) to the FBAR. Form 8938 is filed with your tax return and is due when your tax return is due. If you are an individual filing a Form 1040, then the form 8938 would be due in April along with your 1040 tax return — but if you extend the time to file your tax return, then your Form 8938 will go on extension as well.

Form 3520 Due Date and Extension

Form 3520 is used to report foreign gifts and foreign trust information. The due date for Form 3520 is generally April 15, but taxpayers can obtain an extension to file Form 3520 by filing an extension to file their tax return for that year. Similar to Form 8938, there is no specific Form 3520 extension form required beyond requesting an extension of the underlying tax return.

Form 3520-A Due Date and Extension

Form 3520-A is used to report US ownership of a Foreign Trust. Unlike Form 3520, Form 3520–A is usually due in March and not April. In addition, the rules for filing an extension for Form 3520-A are different as well (subject to the substitute filing rules). In order to extend the due date to file Form 3520-A, the taxpayer must file a separate Form 7004 extension form.

Form 5471 Due Date and Extension

Form 5471 is used to report the ownership of certain foreign corporations. The filing date is the same as when a person’s tax return is due — and if the taxpayer files an extension for the underlying tax return, Form 5471 will go on extension as well. In recent years, Form 5471 has become infinitely more complex — so taxpayers should be cognizant of the different filing requirements and plan accordingly.

Current Year vs Prior Year Non-Compliance

Once a taxpayer missed the tax and reporting (such as FBAR and FATCA) requirements for prior years, they will want to be careful before submitting their information to the IRS in the current year. That is because they may risk making a quiet disclosure if they just begin filing forward in the current year and/or mass filing previous year forms without doing so under one of the approved IRS offshore submission procedures. Before filing prior untimely foreign reporting forms, taxpayers should consider speaking with a Board-Certified Tax Law Specialist that specializes exclusively in these types of offshore disclosure matters.

Avoid False Offshore Disclosure Submissions (Willful vs Non-Willful)

In recent years, the IRS has increased the level of scrutiny for certain streamlined procedure submissions. When a person is non-willful, they have an excellent chance of making a successful submission to Streamlined Procedures. If they are willful, they would submit to the IRS Voluntary Disclosure Program instead. But, if a willful Taxpayer submits an intentionally false narrative under the Streamlined Procedures (and gets caught), they may become subject to significant fines and penalties. 

Golding & Golding: About Our International Tax Law Firm

Golding & Golding specializes exclusively in international tax, specifically IRS offshore disclosure. 

Contact our firm today for assistance.