There have been several changes in due dates for some federal tax returns, which will be effective for the 2017 filing season or the 2016 tax year for calendar year-end filers. These modifications relate mostly to flow-through entities, including S corporations and partnerships that provide Schedule K-1s (partner’s/shareholder’s share of income, deductions, credits, etc.), containing investment information of partners/shareholders.
The new due dates will allow for earlier access to the K-1s, which will encourage a more efficient processing of tax returns and ideally reduce the need for extensions. Due dates related to individual tax returns or estimated tax payments will remain the same; however, one new date will take effect next year that affects individuals.
Partnerships (Form 1065) — The due date is moved from April 15 to March 15 or the 15th day of the third month after the year-end.
S Corporation (Form 1120S) — No change, due dates remain March 15, allowing for preparation of Schedule K-1s as they relate to individuals and organizations
C Corporations (Form 1120) — Due date moved from March 15 to April 15; in most cases, returns will be due on the 15th of the fourth month after the year-end. However, although the due date of these returns has been pushed back a month, we encourage clients to submit the financial information necessary to complete these returns as soon as possible.
Individuals and Businesses — Foreign Bank and Financial Accounts Report (FBAR) (Report 114) This form is required for individuals and businesses with a financial interest in, or signature authority over, at least one financial account located outside of the United States, and the aggregate value of all foreign financial accounts exceeding $10,000 at any time during the calendar year reported.
This due date change is the most significant for individual taxpayers; forms are now due April 15 rather than June 30. However, for the first time, a six-month extension to Oct. 15 will be available.