Reminder: Updated tax return due dates for C Corporations, partnerships, and more
A law signed by President Obama last year changed the due dates for certain 2016 tax returns that will be filed in 2017. Entities affected by the new deadlines include partnerships and C corporations, as well as those that file FinCEN Form 114, Report of Foreign Bank and Financial Accounts, and several other Internal Revenue Service information returns.
As we shared with you last year, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 contained changes that will affect almost all businesses in some way.
Due Date Revisions
The following changes made to the tax return deadlines:
- Partnership returns. The new due date is the 15th day of the third month following the close of the year (March 15 for calendar-year end partnerships). This accelerates the filing deadline by one month, giving individuals time to receive Schedule K-1 in time to file their returns on April 15.
- C Corporation. The new due date is the 15th day of the fourth month following the close of the corporation’s year (April 15 for calendar-year- end corporations). The original due date for calendar year corporations was March 15.
- FinCEN Form 114. The new due date will be April 15. Previously, the due date was June 30.
- Please note the due dates for S corporation and individual returns did not change under the Act.
Revisions to Extension of Time to File Tax Returns
Another tax provision included in the Act is the extension periods that are allowed for different entities as follows.
- C Corporations (Form 1120) are allowed a five-month extension period (until September 15 for calendar-year taxpayers) until year 2026, when the extension period will revert back to six months.
- Partnerships (Form 1065) are allowed a six-month extension period (until September 15 for calendar-year partnerships and LLCs).
- Trusts (Form 1041) are allowed a 5 1/2-month extension period (until September 30 for calendar year trusts).
- The Act originally changed the extension date for employee benefit plans (Form 5500), but late last year it was changed back to October 15.
- Exempt organizations are no longer required to file two three-month extensions for Form 990. The new extension is a single automatic 6-month extension (until November 15 for calendar-year organizations).
- FinCEN Form 114 has a maximum extension of a six-month period ending on October 15. Additionally, any penalty for failure to timely request or file an extension may be waived by the Treasury Secretary for any taxpayer required to file Form 114 for the first time.
The revised tax return dates will be effective for the upcoming 2016 tax return filing season. If you have any questions, please contact your WK advisor at (573) 442-6171 or (573) 635-6196.