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Alert! New Tax Return Due Dates

By October 20, 2016No Comments

Beginning on January 1, 2017 the IRS has changed the due dates of 2016 tax returns for certain businesses in order to help spread out the burden of tax preparation on CPAs. The new dates are intended to help individuals who receive income from pass-through entities, such as partnerships and S-corporations, by making those documents available to taxpayers earlier.

C-Corporations:

The new due date for C Corporation tax returns is the 15th day of the fourth month following the close of the year.

Calendar-Year C Corporation Fiscal-Year C Corporation
Year end: December 31, 2016 Year End: May 31, 2017
NEW Due Date: April 15, 2017 NEW Due Date: September 15, 2017
Extension: 5 month extension Extension: 6 month extension

Partnerships:

The new due date for Partnership returns is the 15th day of the third month following the close of the year.

Calendar-Year Partnership Fiscal-Year Partnership
Year end: December 31, 2016 Year End: May 31, 2017
NEW Due Date: March 15, 2017 NEW Due Date: August 15, 2017
Extension:6 month extension Extension: 6 month extension

FinCEN Form 114: Reporting of Foreign Bank and Financial Accounts (FBAR)

The due date for this form has changed from June 30th to April 15th but, you can still request a 6 month extension.

Other Changes Enacted by this Bill:

  • Exempt organizations (form 990 and 990-PF) will only have one 6 month extension eliminating the first 3 month extension.
  • Information Return (W-2s and 1099s) – Now due to the IRS on January 31st instead of February 28th.

Below is an updated list of the tax return due dates beginning for 2016 tax returns (2017 filing season)

Return Type OLD due date NEW Due Date
1065 – Partnership April 15th

Extended: September 15th

March 15th

Extended: September 15th

1120S – S Corporation

NO CHANGE

March 15th

Extended: September 15th

March 15th

Extended: September 15th

1041 – Trust and Estate April 15th

Extended: September 15th

April 15th

Extended: September 30th

1120 – C Corporation March 15th

Extended: September 15th

April 15th

Extended: September 15th

1040 – Individual

NO CHANGE

April 15th

Extended: October 15th

April 15th

Extended: October 15th

990/990-PF – Exempt Organizations May 15th

1st Extension: August 15th

2nd Extension: November 15th

May 15th

Extended: November 15th

Form 114 – FinCEN June 30th April 15th

Extended: October 15th

Information Returns: (W-2s and 1099s) To IRS: February 28th

Electronic: March 31st

W-2 and 1099-MISC due Jan 31st

All other 1099s due Feb 28th(or March 31st if filed electronically)

*Dates in bold have been changed

Contact your Lindsay & Brownell professional to discuss how this affects you.

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