December 21, 2015 | 3-minute read (490 words)
As if keeping track of what taxes to pay and when wasn’t hard enough already, Congress has changed some important filing deadlines, which are effective for tax years beginning after December 31, 2015. Sadly, your personal tax deadline is still April 15th, but there have been several shifts in the business tax world that should be on your radar.
Shoe-horned into the very exciting-sounding Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, the changes include the following:
Corporation and Partnership Due Dates
The due date has been extended an extra month - to April 15th for calendar year corporations and the 15th day of the fourth month after the close of the fiscal year for fiscal year corporations.
Partnerships and S-Corporations
The due date for partnerships has been retracted one month - to March 15th for calendar year partnerships and the 15th day of the third month after the close of the fiscal year for fiscal year partnerships. The filing date for S Corporations is unchanged at March 15th.
This new law also moves the date up for the FinCEN Report 114 relating to Report of Foreign Bank and Financial Accounts from June 30th to April 15th.
Foreign Trust Reporting
The due date of Form 3520–A, Annual Information Return of a Foreign Trust with a United States Owner, remains unchanged at the 15th day of the third month after the close of the trust’s tax year. The due date of Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, remains the 15th day of the fourth month after the close of the trust’s tax year.
Allowable Extensions on 2016 Tax Returns
The new law allows for the following extensions:
Form 1065 - 6-month period ending on September 15 for calendar year taxpayers
Form 1041 - 5½-month period ending on September 30 for calendar year taxpayers
Form 5500 - automatic 3½-month period ending on November 15 for calendar year plans
Form 4720/ 5227 / 6069 / 8870 - automatic 6-month period beginning on the due date for filing the return
Form 3520-A & Form 3520 - 6-month period
FinCEN Report 114 - has a 6-month extension ending on October 15
Get all that? Good. There will be a quiz later.
Taxes shouldn’t be a pain for you or your business. EGFS is here to help - contact us for a free 30 minute consultation and speak with a member of our seasoned tax team to determine your tax needs for 2016 and beyond.
Anjum Tunuli is the Chief Tax Officer for Early Growth Financial Services.
Disclaimer: This article has been written for informational purposes only, and is not intended to provide, and should not be relied on for, tax or accounting advice. You should consult your Early Growth Financial Services tax representative, or your own tax and accounting advisors before beginning your tax work.