IRS Extensions for International Reporting – Forms 5471, 8938, 5472, etc.

Today, IRS Notice 2020-23 widely expanded the coronavirus extensions and clarified some very key issues.  In general, most, if not all, tax returns, payments, and elections that are due from April 1, 2020 to July 15, 2020 are now automatically extended until July 15, 2020.  However, for specific forms not mentioned below it is necessary to review the notice, as it also states that forms and payments not explicitly mentioned are not covered.

The notice states this extension specifically applies to the following international forms:

  • Form 8938
  • Form 5471
  • Form 8858
  • Form 8865
  • Form 3520
  • Form 8621
  • Form 5472
  • Americans living and working abroad filing From 1040 by June 15th
  • Section 965(h) installment payments (Transition Tax)

The notice also provides extensions for gift and estate tax returns on Form 706, Form 709, and Form 8971.  Certain specified actions falling within the period, including petitioning tax court and claiming a refund, are extended as well.  Keep in mind though, any actual tax extension filed, such as on Form 4868 or Form 7004, will only extend to the original extended deadline.  Extensions will not apply from the July 15th deadline.

Disclaimer: Hone Maxwell LLP articles and blogs are not intended as legal advice. Additional facts, facts specific to your situation or future developments may affect subjects contained herein. Seek the advice of an attorney before acting or relying upon any information herein.

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