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Due Date Changes for 2016 Tax Returns – Mark Your Calendars Now!

As part of the short-term highway funding extension passed by the Senate in late July, tax return due dates for certain filers have changed for the 2017 filing season (2016 tax returns). The new law applies to returns for tax years beginning after December 31, 2015 with one exception: C-Corporations with fiscal years ending on June 30th have ten extra years to make the change.

The following is a list of major due date modifications:

  • Partnerships (Form 1065) – due the 15th day of the third month after the close of the year (March 15th for calendar year taxpayers). This is a month earlier than in prior years. A six-month extension will be available.
  • C-Corporations (Form 1120) – due the 15th day of the fourth month after the close of the year (April 15th for calendar year taxpayers). This is a month later than in prior years. A five-month extension will be available for calendar-year filers, six-month extension for fiscal year filers and a seven-month extension for June 30th year-end filers.
  • Report of Foreign Bank and Financial Accounts (Fin CEN Report 114, aka FBAR) – due April 15th. This report was historically due June 30th. For the first time, a maximum 6-month extension will be available.

The following is a list of major extension due date modifications:

  • Estate and Trusts (Form 1041) – maximum of 5 ½ month extension
  • Annual Return/Report of Employee Benefit Plan (Form 5500) – maximum 3 ½ months extension
  • Exempt Organizations (Form 990) – single six month extension (formerly two three-month extensions)

S-Corporations (Form 1120S) are not noted above as the filing due date for S-Corporations was not modified and remains the 15th day after the close of the year (March 15th for calendar year taxpayers). There was also no change to S-Corporations’ extension period of six months.

The goal of the due date modifications is to create a more logical flow of information to help taxpayers and tax preparers in filing more timely and accurate returns.

For many taxpayers, the 2016 filing season (2015 tax returns) just ended, so with the new filing season just around the corner, now is the time to mark your calendars for these due date changes.

Article written by:
Molly Waite, CPA
Tax Manager