We have finally geared up to start posting a bi-monthly tax blog with relevant updates and information for our clients and potential clients. We may post more frequent if we determine there is something that would provide benefit now. We hope you find the information we blog about both educational and entertaining (well, if you find tax and accounting info entertaining like we do)! Our first blog post will be geared around updating on the various tax return deadline changes that will become
effective for the 2016 TAX YEAR. The 2015 tax year (2016 filing season) will remain the same, but all changes will take effect as of January 1, 2016 for the 2017 filing season. If a specific deadline has not changed, we will make no reference to it so we can eliminate any confusion:
Partnerships and LLCs treated as partnerships for tax purposes (Form 1065): Original deadline was 3 1/2 months subsequent year-end (April 15). New deadline is 2 1/2 months subsequent year-end (March 15). The new deadline is now in alignment with other pass-through business tax returns. The extension period moves from 5 months to 6 months, with the September 15 date remaining the same.
C Corporations (Form 1120):
Original deadline for a calendar year C was 2 1/2 months subsequent year-end (March 15). New deadline for a calendar year C is 3 1/2 months subsequent year-end (April 15). Extension deadline moves from 6 months to 5 months (September 15). Different due date rules apply to fiscal year-end C Corps. Please email us if you would like more information.
Trust and Estates (Form 1041):
The only change is the extension due date moving from 5 months to 5 1/2 months (September 15 to September 30).
Exempt Organizations (Form 990):
Automatic extension period moves from 3 months to 6 months (new extension deadline is November 15).
FBAR (Foreign Bank Account Report; FinCen 114 & FBAR):
Prior due date of June 30 with no extension.
New due date aligns with 1040 due date of April 15 with an automatic extension period of 6 months (October 15).
Thanks for reading! We hope this did not bore you too much, and that you take some insightful tips with you!
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