IRS Extends Information Reporting and Tax Payment Deadlines for International Tax Matters by Ken Vitek, CPA

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Posted on April 10, 2020 by Ken Vitek

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On April 9, the IRS issued Notice 2020-23, expanding COVID-19 filing and payment relief to include most returns, tax payments and other time-sensitive actions with reporting deadlines falling on or after April 1, 2020, and before July 15, 2020.

Prior to the issuance of Notice 2020-23, it was unclear whether the below international forms were granted relief under previously issued guidance. With the issuance of Notice 2020-23, the IRS clarified that the below forms, which would otherwise be due on or after April 1, 2020, and before July 15, 2020 (originally or pursuant to a valid extension), are now due on July 15, 2020.

• Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts
• Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations
• Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business
• Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund
• Form 8858, Information Return of U.S. Persons With Respect to Foreign Disregarded Entities (FDEs) and Foreign Branches (FBs)
• Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships
• Form 8938, Statement of Foreign Financial Assets

The COVID-19 pandemic continues to have a profound effect on countries and their citizens throughout the world. As more governments take steps to alleviate uncertainty and provide tax relief, multinational taxpayers must proceed cautiously, under the guidance of qualified tax accountants, to ensure they maintain tax efficiency across borders and comply with rapidly evolving changes to the laws.

About the Author: Ken Vitek, CPA, is a director of International Tax Services with Berkowitz Pollack Brant, where he provides income and estate tax planning and compliance services to high-net-worth families and closely held businesses with an international presence. He can be reached at the CPA firm’s Miami office at (305) 379-7000 or at info@bpbcpa

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