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New Federal Tax Return Filing Deadlines Effective For Tax Years Beginning in 2016

On July 31, 2015, President Obama signed legislation that, in part, revised original and extended filing due dates for corporations, partnerships, and certain other tax returns, effective for tax years beginning after December 31, 2015. [1]  Starting with this coming filing season, the due dates for partnerships and C corporations will be flipped; while S corporations will remain the same. The following overview summarizes the new federal due dates generally applicable for 2016 tax year returns and beyond (e.g., tax returns prepared during the 2017 filing season):

  • Partnerships: the due date for tax returns will be March 15 (for calendar-year taxpayers) or 2 ½ months after the close of the tax year, with an extension date of September 15 (for calendar-year taxpayers) or a six-month maximum extension
  • S corporations: no change, the due date for tax returns will be March 15 (for calendar-year taxpayers) or 2 ½ months after the close of the tax year, with an extension date of September 15 (for calendar-year taxpayers) or a six-month maximum extension
  • C corporations: the due date will be April 15 (for calendar-year taxpayers) or 3 ½ months after the close of the entity’s tax year, with an automatic extension date September 15 (for calendar-year taxpayers) or five-month automatic extension until 2026, then a six-month automatic extension

 

  • Individuals: no change, the due date for tax returns will be April 15, with an extension due date of October 15

 

  • FinCEN 114: the due date for Form FinCEN 114 will be April 15, with an extension due date of October 15
  • Trusts & Estates: the due date for tax returns will be April 15 (for calendar-year taxpayers), with an extension date of September 30.
  • Exempt Organizations: the due date for tax returns will be May 15, with a single, automatic extension due date of November 15, eliminating the current initial 90-day extension.

 

  • Forms W-2 and 1099-MISC: the due date for these forms will be January 31 (to both the IRS and the recipient). Note, this change applies only to Forms 1099-MISC which report amounts in Box 7, Nonemployee compensation.

States generally either use actual dates as the statutory deadline for filing returns and extensions, or they conform to the federal due dates.  Whether state and local returns will conform to the new federal deadlines will be a state by state determination.  New York State enacted legislation that will amend the New York State and City tax filing deadlines to conform to the changes made to the federal filing deadlines.[2]  The AICPA has been tracking the status of states’ conformity with the new federal due date changes.  The latest states’ conformity charts, which are updated as of September 1, 2016, are provided below.

To access the AICPA’s Original and Extended Tax Return Due Dates summary chart, please click here: https://www.aicpa.org/InterestAreas/Tax/Resources/Compliance/DownloadableDocuments/Due-Dates-Summary-Chart.pdf

To access the AICPA’s Due Dates for C Corporation Tax Returns – Status of States’ Conformity (As of 9/1/2016), please click here:

http://www.aicpa.org/InterestAreas/Tax/Resources/Compliance/DownloadableDocuments/aicpa-states-corporate-due-dates-conformity-chart.pdf

To access the AICPA’s Due Dates for Partnership Tax Returns – Status of States’ Conformity (As of 9/1/2016), please click here:

http://www.aicpa.org/InterestAreas/Tax/Resources/Compliance/DownloadableDocuments/Partnership-Conformity-Database.pdf

To access IRS reminder on new W-2 filing deadline:

https://www.irs.gov/uac/newsroom/reminder-employers-face-new-jan-31-w2-filing-deadline-some-refunds-delayed-until-feb-15?_ga=1.175920930.1454977396.1445974885

 

[1] Surface and Transportation and Veterans Health Care Choice Improvements Act of 2015, P.L. 114-41.

[2] New York State’s 2016-2017 Budget Act (S6409C/A9009C).

Posted in Tax

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