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Changes Coming to Tax Filing Deadlines

Category: Articles

By Carolyn Quill, CPA, JD

On July 31st, 2015 President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (H.R. 3236). This stop-gap funding bill changed the filing deadlines for a number of tax returns. This legislation is expected to reduce the number of extensions and amended returns filed by shareholders and individuals. Furthermore, it is expected to boost tax compliance.  

Filing deadlines for returns are as follows:

Entity

Due Date

Partnership (Form 1065)

15th day of 3rd month after the end of the tax year

S-Corp (Form 1120S)

15th day of 3rd month after the end of the tax year

Individual (Form 1040

April 15th

C Corp (Form 1120)

15th day of 4th month after the end of the tax year

The filing deadline for partnerships has been accelerated by one month while the filing deadline for C-corporations has been deferred one month. The filing deadline for S-corporations remains the same.  The revised due dates are generally effective for tax years beginning after December 31, 2015. For C-corporations with fiscal years ending June 30, the filing deadline remains at September 15 until tax years beginning after December 31, 2025. The deadline will then become October 15.

Along with the revised due dates, several returns will have revised extension periods. Partnerships will see the current five month extension period changed to a six month extension period.  For most C-corporations, the automatic extension period will be six months. Calendar-year corporations will get a five month extension for their returns until years beginning January 1, 2026 when the automatic extension will be for a six month period.  A C-corporation whose fiscal year ends June 30 will have seven month extension periods for its tax years which begin before January 1, 2026; tax years beginning after that date will be eligible for six month extensions.

Preparers and taxpayers have suffered with issues created by a poor flow of information and inefficient timeline associated with the due dates of certain returns.  This stop-gap bill will hopefully promote early filing of more business and individual returns. These due dates promote a chronological stream of the information required for pass-through entities to their owners.

The bill also revises the due date for the FinCEN Form 114, Report of Foreign Bank and Financial Accounts. As the law currently reads, this report must be received by the Treasury by June 30th of the year immediately following the calendar year being reported. No extensions of time are available. For tax years beginning after December 31, 2015, the due date has been moved to April 15; however, taxpayers may apply for a six month extension of time to file, moving the due date to October 15.

If you would like to discuss the implications these new reporting requirements have for you or your business, please contact one of the tax professionals at Rubino & Company.

Carolyn Quill is the managing shareholder of Rubino & Company's tax practice.  She has more than 25 years of public accounting experience, working with large multi-state and closely held businesses, their owners and executives as well as extensive involvement in individual and partnership taxation and planning.  

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