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NEW Tax Return Due Dates

NEW Tax Return Due Dates

On July 31, President Obama signed into law a bill that includes modifications to due dates for several common tax returns. This bill has been long advocated by tax professionals to provide a more logical flow of tax information.

The new due dates will go into effect for tax years beginning after December 31, 2015 (tax year 2016). However, for C corporations with fiscal years ending on June 30, the new due dates will not apply until tax years starting after December 31, 2025 (tax year 2026).

Partnerships
The new due date for calendar-year partnerships is March 15th, and for fiscal-year partnerships the new due date is the 15th day of the third month after the close of the fiscal-year. This is one month earlier than the previous due date. The new law allows partnership returns a six month extension.

C Corporations
The new due date for calendar-year C corporations is April 15th, and for fiscal-year C corporations, with year- ends other than June 30th, the new due date is the 15th day of the fourth month after the close of the fiscal-year. This is one month later than the previous due date.

The due date for C corporations with the fiscal-year end of June 30th is unchanged (15th day of the third month) until December 31st, 2025. After December 31st, 2025 the due date will switch to the 15th day of the fourth month.

C corporations with a December 31st year-end (calendar-year) would get a five month extension until December 31st, 2025 and C corporations with a June 30th year-end would get a seven month extension until December 31st 2025. C corporations with a year-end other than December 31st (calendar-year) or June 30th will be allowed a six month extension.

FinCEN
The new due date for FinCEN Form 114 (foreign bank account report) has changed from June 30 to April 15, but for the first time taxpayers will be allowed a six month extension.

There is no change to the March 15th due date for the S corporation tax returns.

Please refer to the chart provided by the AICPA for changes to due dates and extension periods for other types of tax and information returns: To download the chart pdf click here.

For additional information contact the author Christoper Johnson at ccjohnson@herbein.com