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 receives data from its custodian after a 15 March deadline, and it is therefore necessary for both Saxo Bank and our White Labels to apply for an extension of the deadline to 14 April 2017.
White Label must inform Saxo if they require 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 if requested before the above mentioned deadline.
The preliminary files are based on preliminary files from Saxo Bank’s custodian.
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.
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.
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.
Saxo’s deadline for submitting final reconciled data to Globetax.
White Label will receive final reconciled data from Saxo.
Data will be provided in Excel format.
April 11 – 14
Saxo Bank will provide finalised 1042-S forms.
How to receive the files
FTP: White Labels already set up with an FTP connection at Saxo will receive the files in FTP. Please notice that the files will be named “[ClientID][LegalAccountName]1042S”. In case the White Label does not want to receive the files through the FTP connection or requires the file naming changed, please inform Regulatory Reporting no later than 20 March 2017.
E-mail: White Labels not set up with a FTP connection will, as a default, receive the files via secure email solution.
If you have any questions, please feel free to contact our Regulatory Reporting.