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IRS Changes Tax Return Due Dates

IRS Changes Tax Return Due Dates

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With the enactment of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 earlier this year, the due dates for certain income tax returns and information returns, as well as Form FinCEN114, Report of Foreign Bank and Financial Accounts (“FBAR”), have been changed. The following tax return due dates are effective for tax years beginning after December 31, 2015.

Tax-Exempt Organizations

Tax-exempt organizations filing a Form 990, Return of Organization Exempt from Income Tax, will need only file one six-month extension of time to file as opposed to the current requirement of filing two three-month extension requests with the first being a three-month automatic extension of time to file.

C Corporations

The new due date for calendar year-end C Corporations to file Form 1120, U.S. Corporation Income Tax Return, will be April 15th (formerly March 15th), and, for fiscal year filers with a fiscal year-end other than June 30th, the revised due date will be the 15th day of the fourth month following the end of the tax year.

C corporations with a fiscal year-end of June 30th will continue to have an initial filing due date of September 15th until December 31, 2025 at which time the new due date for these returns will be October 15th.

C corporation taxpayers with a calendar year-end will have a five month extension of time to file available until the year ending December 31, 2025 while those with a June 30th year-end will have a seven month extension of time to file available. For those C corporation taxpayers with other than a calendar year or June 30th fiscal year-end, a six month extension of time to file will be available.

Please note that the due dates for any estimated tax payments will remain unchanged.

S Corporations

The due date for calendar year-end S Corporations to file both Form 1120S, U.S. Income Tax Return for an S Corporation, and Schedule K-1, Shareholder’s Share of Income, will remain the same and will be due March 15th with the ability to request a six-month extension of time to file. For fiscal year-end S Corporations, the revised due date also remains unchanged and will be the 15th day of the third month following the close of the fiscal year-end.

Partnerships

For calendar year-end taxpayers the revised due date to file Form 1065, U.S. Return of Partnership Income, and Schedule K-1, Partner’s Share of Income, will be March 15th (formerly April 15th). For fiscal year-end partnerships the revised due date will be the 15th day of the third month following the close of the fiscal year-end. A six-month extension of time to file will be available.

Estates and Trusts

The due date for Form 1041, U.S. Income Tax Return for Estates and Trusts, remains unchanged. Under the new law, the Internal Revenue Service will allow a five and one-half month extension of time to file these returns as opposed to the original extension of five months.

FinCEN

For the 2016 tax year (due in 2017), the deadline for filing an FBAR will be April 15th (formerly June 30th) to align with the filing deadline for individual income tax returns. Individuals will also now have the ability to request a six-month extension of time to file an FBAR until October 15th.

Under the new law, the FBAR filing deadline for U.S. citizens and residents residing abroad will be automatically extended to June 15th, with an additional four-month extension available to October 15th. The law no longer provides for another two-month extension until December 15th; which is currently available upon request to taxpayers residing abroad to file their income tax returns.

Please note that there are certain other tax return due date changes that are not included in this list.

Ask Our Experts

Please contact a member of WS+B’s Healthcare Services Group at healthcare@withum.com for further questions or assistance.

The information contained herein is not necessarily all inclusive, does not constitute legal or any other advice, and should not be relied upon without first consulting with appropriate qualified professionals for your individual facts and circumstances.

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