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IRS Announces New Original and Extended Tax Return Due Dates for Some Tax Returns

By MarksNelson on February 2, 2016 in Articles, Tax

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.