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Monthly Notification, Saxo Bank
28 November 2017

Timeline for US Tax Reporting

​If you or your customers are trading US stocks and bonds, this information may be useful in connection with US tax reporting for tax year 2017.Saxo Bank rec...

​If you or your customers are trading US stocks and bonds, this information may be useful in connection with US tax reporting for tax year 2017.

Saxo Bank receives data from its custodian after a 15 March 2018 deadline and it is therefore necessary for both Saxo and White Labels to apply for an extension of the deadline to 15 April 2018. This application needs to be submitted before 15 March 2018. The timeline below provides you more detailed information.

Expected Timeline

DeadlineItemNotes
January 20White Label must inform Saxo Bank if they are requiring preliminary data files from Saxo Bank before the final reconciliation is complete.  
February 12 – 23White Label can expect to receive preliminary files from Saxo Bank if requested before the above mentioned deadline.The preliminary files are based on preliminary files from Saxo Bank’s custodian.
March 15Deadline for White Label to apply for an extension to file Form 1042 with the IRS. This is done via form 7004 and must be submitted to the IRS.Extension is automatically granted via receipt of form 7004.
March 15Deadline for White Label to apply for an extension of time to file Forms 1042-S with the IRS. This is done via form 8809 and must be submitted to the IRS. Extension is automatically granted via receipt of form 8809.
March 15Deadline for White Label to apply for extension to furnish forms 1042-S to Beneficial Owners. This is done via a letter to the IRS.Extension is only granted once confirmed by IRS.
April 6Saxo Bank’s deadline for submitting final reconciled data to GlobeTax. 
April 9White Label will receive final reconciled data from Saxo Bank.Data will be provided in Excel format.
April 9 – 13Saxo Bank will provide finalised 1042-S forms. 

More information about receiving files related to the US tax reporting will be included in the next newsletter.

If you have any questions, please contact Regulatory Reporting.