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Monthly Notification, Saxo Bank
19 December 2016

Timeline for US tax reporting

Timeline for US tax reportingIf you or your customers are trading US stocks and bonds, the following information may be useful in connection with US tax re...

Timeline for US tax reporting

If you or your customers are trading US stocks and bonds, the following information may be useful in connection with US tax reporting for tax year 2016.

Saxo Bank receives data from its custodian after a 15 March deadline, and therefore it’s necessary for both Saxo and our White Labels to apply for an extension of the deadline to 15 April 2017.

Expected timeline:

Deadline

Item

Notes

January 20

White Label must inform Saxo Bank if they are requiring preliminary data files from Saxo Bank before the final reconciliation is complete.

 

March 1 – 15

White 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 15

Deadline 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 15

Deadline 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 15

Deadline 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 8

Saxo Bank’s deadline for submitting final reconciled data to Globetax.

 

April 11

White Label will receive final reconciled data from Saxo Bank.

Data will be provided in Excel format.

April 11 – 15

Saxo Bank will provide finalised 1042-S forms.

 

Next month, we’ll have more information about the possibilities in regard to receiving the files related to US tax reporting.

If you have any questions, please feel free to contact our Regulatory Reporting.