The tax year in the United States spans from January 1st to December 31st annually. Individuals under the jurisdiction of the US tax systems should take note of specific deadlines and important dates related to tax filing during each tax period. Regardless of their location globally. Here are some notable deadlines for the 2023 US tax year.
On January 16, 2024, individuals are required to meet the deadline for remitting their Quarter 4, 2023 Estimated Income Tax payment. Income that lacks US tax withholding or is unable to be offset through deductions or foreign tax credits may necessitate estimation and payment by January 16, 2024, utilizing Form 1040-ES.
The cutoff date for executing a trust distribution under the 65-day election rules is determined by the 65-day rule. This rule stipulates that any distribution carried out by an estate or trust within the initial 65 days of the tax year can be treated as if it were disbursed on the final day of the preceding tax year, given that the election is made in a timely manner.
These filings are always due on the 15th day of the 3rd month after the close of a corporation’s or partnership’s tax year. If you need to request a six-month extension, the relevant extension forms for your situation would need to be filed.
You can request a six-month extension to submit Form 3520-A by filing Extension Form 7004.
Individuals residing outside of the US on April 15, 2024, receive an automatic extension until June 16, 2024. They can use it for filing their Individual Federal Income Tax Returns.
Residents within the US seeking an extension can file Form 4868, and if accepted, they are granted an additional six months to submit their Individual Federal Income Tax Return.
For individuals with outstanding tax obligations for the year 2023, the final payment date is April 15, 2024. After this date, any unpaid amounts will begin accruing interest.
This is the deadline for filing Form 709 US Gift tax return. An extension can be requested for an additional six months by filing Form 4868 (or Form 8892 if there is no Federal tax return filing requirement)
By the specified date, individuals with income not subject to US Federal tax or unable to be offset using deductions or foreign tax credits are required to make their Estimated Tax payments. This can be done through the submission of Form 1040-ES.
There is an automatic extension to October 15, 2024, to file the FBAR form. After this date, you will not receive further extension to file an FBAR form.
To request a six-month extension on filing your 2023 Corporation Income Tax return, you must file Extension Form 7004.
If you cannot submit a 2023 US Trust Form 1041 by April 15, 2024, you can request a five-and-a-half-month extension by filing Extension Form 7004.
Deadline for filing most 2023 Individual States’ Income Tax forms.
While April 15, 2024, serves as the deadline for most states, it’s important to note that some states may have later deadlines. If an extension is required for submitting your State Income Tax form, kindly refer to the specific extension forms provided by the relevant state. Additionally, some states may accept the Federal Extension form if no State Tax is owed with the State Tax return. Please check the requirements of the particular state in question.
A four-month extension can be made by filing Form 4868.
By this date, individuals who have income that does not have US Federal tax, or cannot be offset using deductions or foreign tax credits, need to pay their Estimated Taxes, via Form 1040-ES.
If an extension to file Form 1120-S and 1065 was previously requested, this is the final date to make this filing.
If an individual is associated with a foreign trust with at least one US owner, September 15, 2024, is the final date to submit Form 3520-A.
By this date, individuals who have income that does not have US Federal tax or cannot be offset using deductions or foreign tax credits, need to pay their Estimated Taxes, via Form 1040-ES.
For US trusts that were granted an extension to submit the Federal Income Tax return, September 30, 2024, is the final extended date to file Form 1041.
For US residents who were granted an extension to submit their Individual Federal Income Tax return, October 15, 2024, is the final extended date to make this filing.
This is the final date to submit the 2023 FBAR form. After this date, no further extensions can be made.
This is the final date to submit foreign trust Form 3520. After this date, no further extensions can be made.
This is the final date to submit foreign gift tax Form 709. After this date, no further extensions can be made.
If a six-month extension to file your 2023 Corporation Income Tax return was granted. The final day to submit is October 15, 2024.
For those individuals living outside of the US, a two-month extension to file your Federal Income Tax return can be requested. Which will extend until December 15, 2024. This must be done in writing to the IRS and approval is not automatic.
If a further extension is granted by the IRS, this is the final deadline to submit the 2023 Federal Income Tax return.
This is the last day to make any tax planning moves or changes for the year.
This is the deadline for individuals to make UK (foreign) tax payments for FTC purposes.
Disclaimer: This is not legal advice, consult an attorney for legal advice or contact us.
If re-elected, President Trump would intensify the trade war he initiated during his first term, proposing new 10 percent baseline… Read More
Understanding Base Erosion: The Challenge of Profit Shifting Base erosion refers to the phenomenon wherein multinational enterprises (MNEs) exploit cross-border… Read More
This article endeavors to provide an exhaustive exploration into the intricacies of foreign trusts, aiming to offer clarity for trustees,… Read More
Understanding the ins and outs of providing free meals and/or lodging to your employees can be a bit daunting, but… Read More
As state tax revenues taper off from their peak levels, there's a growing debate over the financial viability of the… Read More
Imagine a dynamic sales tax environment across the United States, where navigating sales tax regulations feels like solving a puzzle,… Read More