Due dates:
For exPats the income tax filing requirements include both Panamá law and USA law and the dates are similar, but not identical. Regular Panamá income tax forms are due 15 March for individuals and 31 March for corporations. The due dates of the returns are the deadline for filing either the return or a 90 day extension.
But to complicate things, if you have a Panamanian SA it has to pre-register with the Dirección General de Ingresos (DGI) before you or your accountant can file the annual income declaration. That pre-registration provides the pass code (NIT) to access the computerized declaration preparation program, and it takes the Ministry about a week to respond, so have your SA’s legal representative coordinate now with your accountant and/or offshore services provider if they do your taxes, so you can file properly and on time.
US Corporations must file their income tax returns by 15 March, US Partnerships and LLCs, Trusts and Estates as well as Individuals must file their income tax returns by 15 April.
Foreign corporations with US business that do NOT maintain an office or place of business in the USA must file their 1120F by 15 June.
“Automatic” extensions of six months can be obtained by filing Form 7004 on or before the due date of the return, but automatic only means it will be granted – you must request the extension.
An individual US citizen taxpayer who is out of the country on 15 April gets an automatic 60 day extension without filing for it, but should attach a statement to their return explaining their choice and file the return on or before 15 June.
Extensions are for filing the forms, not paying the taxes. If individuals do not have at least 90% of the ultimate tax due paid by 15 April, you will be subject to underpayment penalties and related interest charges. Filing date of returns is determined by the USPS postmark or authorized courier service receipt. Correos de Panamá has a courier service EMS which is economical and has USPS tracking but it takes about a business work-week for the documents to arrive. You can get USPS confirmation of delivery once it is delivered.
Earnings statements:
US employers and trusts and estates must provide the related tax statements (W2s and 1099s) by the end of January, so you should receive your income tax information by mid February. IF you do not, contact the payer. You can probably get the numbers off the last December statement, but you should have the proper forms to correctly file your personal returns which are due 15 April. But if you have an interest in a US partnership or LLC those returns are not due until 15 April and the related K-1s may not be available until then, so an extension request should be filed so that you have the complete information to file an accurate personal US tax return.