New Tax Deadline?
Are you prepared for the several changes in due dates for your federal tax return?
As you may be aware, there have been changes in due dates effective for the 2017 filing season or the 2016 tax year for calendar year-end filers. The majority of these changes relate to flow-through entities such as S Corporations and Partnerships that provide Schedule K-1's to the individuals.
What does this mean for you?
If you're a partner/shareholder this will allow you to have earlier access to the K-1's and will encourage a more efficient processing of tax return and reduce the need for extensions.
Below you will find a friendly break down of the 2017 filing due dates to help you get adjusted to the new changes.
PARTNERSHIPS (FORM 1065)
- 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 date remain march 15
C CORPORATION (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. (We still encourage clients to submit the financial information necessary to complete these returns as soon as possible).
INDIVIDUALS AND BUSINESS FOREIGN BANK AND FINANCIAL ACCOUNTS (FBAR REPORT 114)
- This due date is now due April 15 rather than June 30. A six-month extension to Oct. 15 will be available.
For a downloadable chart of the new filing deadlines, check out the AICPA link.