Congress has done it again. Just when you thought you knew when your tax returns were due, they went and changed things. As of July 31, a new bill has been passed that alters the due dates of several returns. The new due dates affect partnership and C corporation returns (Forms 1065 and 1120), and the report for Foreign Bank and Financial Accounts (FBAR or FinCEN Form 114). While these changes are slated to take effect for tax year 2016 (returns filed in 2017 for the 2016 year), it’s important to think about now and plan accordingly. Due date changes Partnership returns (Form 1065), which were previously due on April 15, will now be due on March 15. For fiscal-year partnerships, the due date will be on the 15th of the third month following the close of their fiscal year. The IRS will allow a maximum extension of six months for Forms 1065. For C Corporations (Form 1120), the new due date is now April 15th, and not March 15th. For fiscal-year corporations, the due date will be the 15th of the fourth month following the close of the corporation’s year. For Corporations with a fiscal year end of June 30th will continue to have a due date of September 15th through 2025, but starting in 2026 they will be due October 15th. The due date for FBAR returns (FinCEN Form 114) has been changed to April 15 from June 30, and for the first time taxpayers will be allowed a six-month extension. For more information The Journal of Accountancy provides further information on these and other changes. Forbes also wrote a piece on this topic covering more of the changes included in the bill. For questions on these due date changes and information on how you can prepare, contact us.
