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  • Service: Tax, Financial Services
  • Industry: Financial Services, Banking
  • Type: Newsletters
  • Date: 1/23/2014

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Gérard Laures

Partner

Tel. +352 22 51 51 - 5549

gerard.laures@kpmg.lu

 

Frank Stoltz

Partner

Tel. +352 22 51 51 - 5520

frank.stoltz@kpmg.lu

QI News - Issue 2014-1 

January 2014

Review of IRS Filing Deadlines and Extension Procedures

 

As filers prepare their 2013 records for reporting to recipients and the IRS, a review of some of the important upcoming due dates in the filing process is provided below. These charts show the statutory due dates for many commonly filed information returns, payee statements, and withholding tax returns, including forms and dates relevant to electronic filings of information returns. In addition, the charts describe certain forms needed to obtain an extension of time to file from the IRS.

 

Special Points for Requests for Extensions of Time to File

 

To request an “automatic” 30-day extension of time to file information returns with the IRS, Form 8809, Application for Extension of Time to File Information Returns, must be submitted. This form cannot be used for requesting an extension of time for furnishing recipient copies of information returns. The Form 8809 request is automatically granted if submitted by the return due date. No signature or explanation is required by the filer on Form 8809 when requesting the automatic 30-day extension. Filers needing a second 30-day extension must complete the form in its entirety, including a signature and a detailed explanation (Line 7 of the form). The second extension request is not automatically granted. A letter will be issued by the IRS explaining approval or denial of the request.

 

Filers can complete and submit Form 8809 through the IRS’ electronic filing system, FIRE, (accessible at: http://fire.irs.gov), instead of submitting on paper. The electronic submission can only be used to request the automatic 30-day extension and must be completed by the due date of the return for each payer requesting an extension.

 

To request an extension of time to furnish recipient copies of information returns, a letter must be postmarked by the date on which the statements are due to the recipients. The letter must state the following information:

 

  • Payer name, address and tax identification number
  • Type(s) of return(s)
  • Specify the extension request is for recipient statements
  • Reason(s) for delay(s)
  • Signature(s) of payer(s) or authorized person(s)

 

 

Filing Returns for Payments Made to U.S. Persons

 

 

Form

Due Date

How to Request an Extension

Form 945:
Annual return of withheld federal income tax – filed with the IRS

January 31, 2014, (February 11, 2014, if deposits were made on time and in full)

N/A

Forms 1099-B and certain 1099-MISC: Recipient copy

February 18, 2014

Send letter to IRS, Information Returns Branch, Attn: Extension of Time Coordinator no later than the due date for mailing to recipients.    See Publication 1220, Part A, Sec. 7.

Forms 1099 series (1099s not mentioned above): Recipient copy

January 31, 2014

Send letter to IRS, Information Returns Branch, Attn: Extension of Time Coordinator no later than the due date for mailing to recipients.   See Publication 1220, Part A, Sec. 7.

Forms 1099 series:
Filed with the IRS

February 28, 2014 for paper forms
March 31, 2014 when filing electronically

File Form 8809 no later than February 28, 2014 for an additional 30 days.  If filing an extension request electronically, see Publication 1220, Part D, Sec. 1.

Form 1096:
Transmittal form for filing Forms 1099 series with the IRS on paper

No transmittal form if filing electronically. See Pub. 1220 for specifications

See applicable filing dates for each form

 

 

Filling Returns for Payments Made to Non-U.S. Persons and Foreign Entities

 

Form

Due Date

How to Request an Extension

Form 1042:
Annual withholding tax return – filed with the IRS

March 17, 2014

File Form 7004 no later than March 17, 2014, for an automatic 6 month extension. See Form 7004 instructions.

Form 1042-S:
Recipient copy

March 17, 2014

Send letter to IRS, Information Returns Branch, Attn: Extension of Time Coordinator no later than March 17, 2014, to request an extension -- see Form 1042-S instructions for full mailing address.   Generally, extensions will not exceed 30 days.
Extensions for more than 10 withholding agents must be submitted electronically. See the Form 1042-S instructions & Publication 1187, Part D
Form 8809 may not be used.

Form 1042-S:
Filed with the IRS

March 17, 2014
See Pub. 1187 concerning specifications for filing these returns electronically
A non-qualified intermediary (NQI) using the alternative procedure of the final regulations must provide income allocation information to the upstream payor by January 31, 2014

File Form 8809 no later than March 17, 2014, for an automatic 30 day extension.  This form may be used for extensions applicable to Forms 1042-S filed on paper or electronically. 
Form 8809 may be completed online through the IRS FIRE system for requesting the automatic extension.  For requesting an extension for 2 or more withholding agents, the form must be completed via the FIRE system. 
See the Form 1042-S instructions and Publication 1187, Part D, for further information. 

Form 1042-T:
Transmittal form for filing Forms 1042-S with the IRS on paper only
No transmittal form if filing electronically. See Pub. 1187 for filing specifications.

See Form 1042-S filing date above

 

 

Electronic Forms

 

Form

Due Date

How to Request an Extension

Form 4419:
Application For Filing Information Returns Electronically (FIRE)
Note: A separate Transmitter Control Code (TCC) is required for filing Forms 1099 and
1042-S

Form 4419 must be filed at least 45 days prior to the due date of the return.  This form must be filed to obtain approval to file electronically.  Once approved, there is no need to reapply for subsequent years.
Note: electronic filing is mandatory if 250 or more information reporting forms are required to be filed.  This requirement applies separately to each type of form.  IRS encourages other withholding agents to file electronically.

 

N/A

Form 8508:
Request for Waiver from Filing Information Returns Electronically

Should be filed at least 45 days before the return due date.  Hardship grounds should be asserted for obtaining this waiver.  See Pub. 1220 and Form 8508 for further information.

 

N/A

 

For Your Reference

 

 

For further information, please do not hesitate to contact us.

 

 

 

 

 

 

 

Any tax advice in this communication is not intended or written by KPMG to be used, and cannot be used, by a client or any other person or entity for the purpose of (i) avoiding penalties that may be imposed on any taxpayer or (ii) promoting, marketing, or recommending to another party any matters addressed herein.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough

 

 

 

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