Filing Dates for U.S. Tax Returns
Single member LLC & individuals (forms 1040/1040NR)
The law states that there are four main filing dates for U.S. tax returns:
- April 15th following the end of the fiscal year.
- (the most relevant for most of our customers) – filing the tax return by June 15th following the end of the fiscal year.
An American or Israeli citizen who lives outside U.S. borders is allowed an automatic 2-month extension to file his/her tax return (i.e. June 15th) only if he/she meet the following criteria:
- Lives outside U.S. borders correct to April 15th.
- The main occupation of the citizen is outside U.S. borders.
To be entitled to the extension a statement must be enclosed with the tax return.
- Filing the tax return by October 15th following the end of the fiscal year. To receive This extension a request must be filed using form 4868. The estimated tax should be paid at the time the extension is filed.
- filing the tax return by December 15th following the end of the fiscal year by requesting an additional extension of two months under certain conditions. *
- Filing for an extension does not exempt you from paying the tax in time. Even if an extension is given for filing of the tax return, overdue payment of the tax will result in fines and interest on the date of payment.
- Filing for an extension is especially significant in cases where the submitter of the return is a business owner in Israel, the person submitting the report holds more than 50% of an Israeli company and if there is a prediction of tax liability when the return is filed.
Multi member LLC (form 1065)
- If the LLCs books are managed inside the U.S. – the tax return must be filed by March 15th.
- If the LLCs books are managed outside the U.S. – the tax return must be filed by June 15th accompanied by a statement.
- If an extension is filed through Form 7004 before April 15th– the tax return must be filed by September 15th.
Corporations (form F-1120)
- If the company has offices in the United States – the tax return must be filed by March 15th.
- If the company does not have offices in the United States – the tax return must be filed by June 15th accompanied by a statement.
- If an extension is filed through Form 7004 before June 15th– the tax return must be filed by September 15th.
There are four types of customers to which we recommend filing an extension:
- American citizens who are business owners in Israel.
- American citizens who hold more than 50% of an Israeli company
- Israeli citizens who hold real estate in the U.S. by a multi member LLC.
- Israeli or American citizens who had tax liability according to the latest tax return prepared for them in 2016.
As part of our customer service, our company files for an extension for tax returns at no additional cost.
For any additional questions, please contact the office hours between 8:30-18:00 and we will be happy to assist you in any matter that is included in our services.
The foregoing should not be construed as a recommendation to carry out operations and/or tax advice and/or advice of any kind. The information presented is for informational purposes only and does not constitute a substitute for advice that takes into consideration the data and special needs of each person. Anyone who makes any use of the above information does so solely on his own and at his own risk. No use of the content of the site is allowed for any purpose other than private, non-commercial use, without the prior written permission of the owners of the Virtue tax.
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Contributing to the Community
Us, at VirtueTax believe that beyond excellence in providing professional services toour clients, we must assist and support those in Israeli society whose fate has not improved.Our vision includes business entities and social entities joining hands together and having a shared sense of drive to promote all aspects of Israeli society. Therefore, we have a deep commitment to both Israelis in need and to voluntary bodies focused on helping them. As part of this mission, the company purchases and delivers essential products to those in need in cooperation with organizations such as the “Association for a Turnaround in Education”. Our additional area of activity focuses on transferring funds as donations to animal shelters such as “Jerusalem loves animals” and “Mateh Yehuda loves animals”. We believe that our active involvement in Israeli society, provides not only an important service to the community, but also improves our professional teams.