In the summer of 2015, legislation was passed to modify tax return due dates. Most of the new due dates go into effect for tax years beginning after 12/31/2015. The new rules create a more logical flow of tax information and primarily address the timeliness of Schedule K-1 information from flow-through entities; Partnerships, S Corporations, and Trusts/Estates.
Late Schedules K-1 made it difficult to file a timely, accurate return. For tax returns due in 2017, the new law prescribes changes to due dates and extended due dates of several returns.
- Calendar year Partnerships will be due March 15 along with calendar year S Corporations. Extended due dates for both entities are 6 months from the due date.
- Trusts & Estates now have extended due dates of September 30
- Calendar year C Corporation tax returns will be due April 15th (2016 tax returns)
- The FBAR will be due earlier – for foreign accounts owned in 2016, the new due date for the FinCen Report 114, is April 15, 2017
- Fiscal year C Corporations, Exempt Organizations, Employee Benefit Plans, and other foreign filings also have new due/extended due dates.
- Estimated tax payment dates have not changed
These changes do not affect 2015 calendar year returns due in 2016. Click here for a summary chart of the changes. For information about how the changes affect you, contact your MarksNelson advisor at (816) 743-7700.
About the author
Mary Lou Hamlin provides tax planning and consulting services to companies and individuals. Her experience in public accounting, as a small business manager, and an agent with the IRS has helped her become a good problem-solver and proactive planner. Mary Lou strives to create professional relationships built on respect and excellence.