Are you aware there are new due dates and extensions for 2016 tax returns to be filed in 2017?
Congress recently passed a bill called the “Surface Transportation and Veteran’s Health Care Choice Improvement Act of 2015” which includes tax provisions which affect the due dates on a few filings and required returns.
The two most impacted tax returns are for the Partnerships and the C Corporations whose due dates have been swapped. The intention for the due date updates are to assist pass-through entities prepare their tax returns on time.
The following due date changes will be applied for 2016 tax returns and extensions:
The updates to the tax filing deadlines are explained here in detail:
- Form 1120 C Corporation June 30 Fiscal Year: Special rule for C Corporations with fiscal years ending on June 30th, the new due date rules will go into effect for returns with taxable years beginning after Dec. 31, 2025 (2027 filing season).
- Form 1120 C Corporations (Calendar Year): Starting with 2016 tax returns, all other C corps besides Dec. 31st and June 30th year-ends (including those with other fiscal year-ends) will be due on the 15th of the 4th month after the year-end. A six-month extension is allowed from that date.
- Form 1065 – Partnerships: Under the new law, for fiscal year partnerships, returns will be due on the 15th day of the 3rd month after the year-end. A six-month extension is allowed from that date.
- FinCEN 114 – FBAR: Report of Foreign Bank and Financial Accounts (FinCEN 114, FBAR) will be due on April 15th and permitted to extend for six months, thus aligning the FBAR reporting with the individual tax return reporting. Additionally, the IRS may waive the penalty for failure to file a timely extension request for any taxpayer required to file for the first time.
If you have any questions about how these new deadlines will affect your tax filing for this upcoming year, please use the button below to schedule a consultation.
The information in this post is not intended to be, and should not be, construed as legal, accounting or tax advice to the reader. The reader is cautioned that this material may not be applicable to, or suitable for, the reader’s specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. Readers interested in the subject should contact their own tax advisor to discuss the potential application of the subject matter to their particular facts and circumstances.