Tax Talk: Tax Filing Deadline ChangesWhy are we talking taxes? Tax season is over, right? Well, some of you will have a different filing deadline next year. Legislation, signed into law in July 2015, changed the due date for some filers. These changes are effective for tax years beginning after December 31, 2015. For most, that means 2016 tax returns, prepared in 2017.
Partnerships will now be due the 15th day of the third month (for calendar year partnerships, March 15). Previously, these had to be filed by the 15th day of the fourth month. A six month extension is allowed.
Calendar year C corporations will have a new due date on the 15th day of the fourth month, April 15. That’s a month later than the previous March 15 deadline. For calendar year C corporations, a five month extension is allowed making the due date September 15. C corporations with a fiscal year end of June 30th will continue to be due September 15. However, the extended due date will be April 15, instead of March 15. Note, after December 31, 2025, the filing deadline will be October 15. All other C corporations will be due the 15th day of the fourth month, with a six month extension. Previously, these were due the 15th day of the third month, with the same six month extension.
S corporations retain their filing deadline with no changes, which is the 15th day of the third month. (For calendar year end taxpayers, March 15).
Individuals have no changes to their filing deadline – April 15th due date, with a six month extension until October 15.
Trust and estate returns will still be due the 15th day of the fourth month. The extension will increase to five and a half months from five months.
Foreign account owners filing FinCEN Report 114 will have a deadline of April 15th. This is much earlier than the previous June 30th due date; however, a six month extension is now available. Previously no extensions were allowed for this report filing.
Feeling overwhelmed by all the dates and numbers? Don’t worry; we have you covered. Be on the lookout for our tax reminders early next year.
Sources: http://www.aicpa.org/Advocacy/Tax/TaxLegislationPolicy/DownloadableDocuments/Due-Dates-Summary-Chart.pdf?cm_em=ekarl%40aicpa.org&cm_mmc=Newsletters%3aCheetahmail-_-taxsection-_-AUG15-_-TaxSpecialeAlert_A15AG_ADDON http://www.forbes.com/sites/kellyphillipserb/2015/08/03/mark-your-calendars-now-congress-changes-many-tax-return-due-dates-extensions/#200c9ed3db2a
Article by: Debbie Sigmon, Tax Manager