It’s a question that most people try their best to ignore…
But a haunting feeling makes many frantically search, “when is tax season over?”
As with most things in tax, the best answer is not very satisfying: it depends.
Esquire Group has clients from around the world. Most are involved one way or another with America.
Here are some important US tax dates to help you find the answer to all important question… when is tax season over for me?
Do you have employees?
Deadline: January 31
- 1099 – MISC
Must be filed for each person to whom you paid at least $600 during the year.
- Form W-2:
Employers must file this form showing each employees’ wages paid and taxes withheld.
- Form 1096:
This is a cover sheet used to mail forms for reporting of non-employee income. This is often used to report income paid to independent contractors.
- Form W-3:
This is a summary of each employee’s wages and Social Security contributions. It goes to the Social Security Administration.
Do you own an entity?
Deadline: March 15 (extension available till September 15)
Are you a US “owner” of a foreign (non-US) trust?
- S Corp (Form 1120-S)
This form is used to report the income, gains, losses, deductions, credits of a domestic corporation (or those electing to be treated as an S corporation).
- Partnership Tax Returns (Form 1065)
This form is used to help report the gain or loss in a partnership business. It must appear on each partners’ Schedule K-1.
- Foreign Trust with U.S. Owner Tax Return (Form 3520-A)
This is an informational return for foreign trusts with at least one US owner.
Deadline: April 15 (extension available till October 15)
- Corporation Tax Returns (Forms 1120 & 1120-F)
All domestic corporations (except those exempted under Section 501) must file form 1120 even if they do not have taxable income.
Form 1120-F is the form that must be filed by foreign corporations to report their income, gains, losses, deductions, credits and to calculate US tax liability (such as GILTI).
Are you an individual living in the US & subject to US taxation?
Deadline: April 15 (extension available till October 15)
- FATCA Reports (Form 8966)
This is an informational return required for certain US accounts, specified US persons that own certain debt or equity interests in “owner documented foreign financial institutions (ODFFIs), and certain other accounts based on filer’s chapter 4 status.
- Individual Tax Returns (Form 1040)
This is the annual income tax return.
- FBAR (Form 114)
This is an informational return that does not go to the IRS. Form 114 is filed with the US Treasury Department’s Financial Crimes and Enforcement Network (FinCEN). Form 114 is required of people owning one or more foreign accounts with an aggregate value of more than $10,000 at any point during the year.
- Gift Tax Returns (Form 709)
This form is used by US citizens to report gifts made in excess of $15,000. Its also used to report generation skipping transfer taxes.
Are you a US citizen living outside of the US?
There is an automatic 2 month extension for your individual return making your deadline June 15th. You can file for an extension to push the deadline to October 15. Finally, there is a discretionary that may or may not be granted that pushes the deadline to December 15.
- Form 1040
This is the annual income tax return.
Are you a Nonresident alien?
There is an automatic 2 month extension for your individual return making your deadline June 15th. You can file for an extension to push the deadline to October 15. Finally, there is a discretionary that may or may not be granted that pushes the deadline to December 15.
- Nonresident Tax Returns (Form 1040 NR)
This is the annual income tax return that must be filed by certain nonresident aliens (with no dependents) with income that is subject to taxation.
Are you involved with a trust?
Deadline: April 15 (extension available till October 15)
- Trust & Estate Tax Returns (Form 1041)
This form is required for Estates and Trusts that generated more than $600 annual gross income.
- Report of Transactions with Foreign Trusts and Receipt of Foreign Gifts (Form 3520)
US persons (including executors of estates of US decedents) must file this form to report transactions with foreign trusts.
Do you run a charity?
Deadline: May 15 (extension available till November 15)
- Tax-Exempt Organization Tax Returns (Form 990)
Tax-exempt organizations (like a charity) must file this form to provide an overview of the organization’s activities, governance, and financial information.
When Is Tax Season Over For You?
That’s something we’d love to help you resolve.
Your tax season pretty much over right after you become a client of our concierge tax service and turn over the documents requested of you.
After that, we’ll handle everything else.
Your “tax season” will be as short and as painless as possible.