August 7th, 2015 by Jennifer Zimmerman
Tax preparers and business owners are familiar with a few key deadlines when it comes to taxes. Currently, returns are due March 15th for C and S corporations and April 15th for individuals and partnerships before extensions. President Obama signed H.R. 3236 into law on Friday, July 31st, which has some important implications for partnership returns, C-corporation returns, FinCEN Form 114 (FBARs), and other informational returns. The following changes will apply to tax years beginning after December 31, 2015:
For many tax preparers, the timing of these due dates make logical sense. By requiring flow through entities to file a month in advance of individuals, taxpayers have enough time to gather information and file a complete and accurate return.