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Late Form 8938: Missed the Filing Due Date?
Late Form 8938
Late Form 8938 & Missed the Filing Due Date: One common question we receive often from US Taxpayers, is what happens when a taxpayer does not file IRS Form 8938 on time. Like most things involving International Tax & Offshore Compliance — the answer is: it depends. The Internal Revenue Service Form 8938 is one of the newest additions to the international information reporting form family. Our International Tax Lawyers have found that the IRS is a bit more lenient with penalty abatement in matters involving Form 8938, then in other matters such as Form 3520. Let’s take a look at what happens when Taxpayers file a late form 8938 and missed the filing deadline
When is Form 8938 Due?
The Form 8938 is due to be filed with a tax return — which for most people is April 15th. If for any reason the taxpayer applies for an extension to file their tax return — then the Form 8938 goes on automatic extension as well, so that the Taxpayer does not have to submit an additional separate extension in order to file form 8938. This is different than other forms such as Form 3520-A — in which the taxpayer must file a Form 7004 in order to extend the time for filing.
What if you File an Untimely 8938 or Missed the Filing Date?
When a Taxpayer misses the due date for submitting a form 8938 — and they are non-willful — the Taxpayer has several options available, depending on their specific facts and circumstances. Some of the more common programs for late Form 8938, include:
- Voluntary Disclosure Program (VDP or “New” OVDP)
- Streamlined Domestic Offshore Procedures
- Streamlined Foreign Offshore Procedures
- Delinquency Procedures
- Reasonable Cause
What if 8938 Penalties Were Issued Before Disclosing?
If Taxpayer filed a late Form 8938 and the IRS issued penalties in accordance with IRC 6038D, they may still be able to get the penalties reduced, minimized or abated by showing reasonable cause was the reason for the non-filing or late filing – and not willful neglect.
About Our International Tax Law Firm
Golding & Golding specializes exclusively in international tax, and specifically IRS disclosure & compliance, including delinquent filing and penalty abatement.
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