By Nick Leacoma, CPA, Senior Manager, Tax
Be aware that tax filing deadlines have changed for various entities including C corporations and partnerships. The changes result from the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. Many of the changes apply to tax years starting after December 31, 2015.
C corporations
C corporations with calendar year-ends face a deadline shift from March 15 to April 15. Similarly, the tax return due dates for corporations with tax years that end on dates other than June 30 (and other than December 31) will now be the 15th day of the fourth month after the end of their tax years. Corporations with a June 30 year-end will continue to file taxes by September 15, until December 31, 2025. After this date, their filing deadline shifts to October 15.
C corporations with calendar year-ends will be allowed five-month extensions (Sept 15) until 2026, while companies with June 30 year-ends will be allowed seven-month extensions
(April 15), also until 2026. Corporations with other year-ends can receive six-month extensions. Starting with the 2026 returns, all extensions can be six months.
Partnerships
Partnerships with calendar year-ends must now file Form 1065 by March 15. This is a change from the previous due date of April 15. The new date should allow partners to use the information contained in these forms to file their personal returns, which typically are due a month later.
Partnerships with year-ends other than December 31 must file these forms by the 15th day of the third month after the close of their fiscal year-ends. Partnerships can ask for extensions of up to six months.
S corporations
The S corporation deadline remains the same. For those with calendar year-ends, Form 1120S, is due March 15. Similarly, the due dates for S corporations with other than calendar year-ends remain the 15th day of the third month after fiscal year-end. And S corporations are still able to request six-month extensions.
Trusts and Estates
The deadline for filing Estate and Trust returns remains unchanged. Form 1041 is due April 15.
The extended due date for Estates and Trusts has changed. The new extended due date for filing the Estate and Trust return has changed from Sept 15 to Sept 30.
Exempt Organizations
The Exempt Organization deadline also remains the same. For those with calendar year-ends, Form 990 is due May 15. Similarly, the due dates for exempt organizations with other than a calendar year-end remains the 15th day of the fifth month after fiscal year-end. There will now be a single automatic six month extension for exempt organizations, eliminating the current first 90-day extension.
FBAR
FinCEN Form 114, “Report of Foreign Bank and Financial Accounts” (also known as “FBAR”), will be due April 15, rather than June 30, starting with the 2016 tax year. This way, it aligns with the deadlines for individual income tax returns. FBAR filers will be able to request extensions of up to six months. For taxpayers filing FBARs for the first time, any penalty for failing to request or file for an extension in a timely manner may be waived.
Help with the changes
If you have questions about the new tax return deadlines, contact me, Nick Leacoma, CPA, Senior Manager in the Ciuni & Panichi, Inc. tax department, at 216-831-7171 or nleacoma@cp-advisors.com. I’ll be happy to help you make these important deadlines.
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