Client Tip for November 2016: IRS Changes Tax Return Due Dates
IRS Changes Tax Return Due Dates
Changes have been made to the filing deadlines for various tax returns. Generally it is applicable to returns for tax years beginning after December 31, 2015. The following is a summary of the changes in the filing deadlines:
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 15 (formerly March 15), and, for fiscal year filers with a fiscal year-end other than June 30, 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 30 will continue to have an initial filing due date of September 15 until December 30, 2025 at which time the new due date for these returns will be October 15.
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 30 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 30 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 15 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 15 (formerly April 15). 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 previous extension of five months.
Report of Foreign Bank and Financial Accounts — For the 2016 tax year (due in 2017), the deadline for filing an FBAR will be April 15 (formerly June 30) 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 15.
Under the new law, the FBAR filing deadline for U.S. citizens and residents residing abroad will be automatically extended to June 15, with an additional four-month extension available to October 15. The law no longer provides for another two-month extension until December 15, which is currently available upon request to taxpayers residing abroad to file their income tax returns.
Individual Income Tax — Individual tax returns are still due April 15 and extensions until October 15 were “cut in stone”. Same due dates for estimated tax payments also (April 15, June 15, September 15, and January 15).
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