New Due Dates Coming for Certain Returns

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November 10, 2015
In July, Congress passed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, and President Obama signed the bill into law on July 31, 2015. It primarily provides for the temporary extension of federal highway and transportation spending, but it ends up impacting a lot of taxpayers in a way that has nothing to do with highways or transportation. This bill changes the due dates for a particular group of tax returns, which are summarized in the table below:
 
Entity Type Return Form Original Due Date New Due Date Original Extended Due Date New Extended Due Date
           
Trust and Estate 1041 April 15 April 15 September 15 September 30
Partnership 1065 April 15 March 15 September 15 September 15
Calendar year C Corporation
(due before 12/31/2025)
1120 March 15 April 15 September 15 September 15
Calendar year C Corporation
(due after 12/31/2025)
1120 April 15 April 15 September 15 October 15
June 30 Fiscal year C Corporation (due before 12/31/2025) 1120 September 15 September 15 March 15 April 15
June 30 Fiscal year C Corporation (due after 12/31/2025) 1120 September 15 October 15 April 15 April 15
Employee Benefit Plans 5500 July 31 July 31 October 15 November 15
FinCEN (for foreign bank and financial accounts) 114 June 30 April 15 N/A October 15
 
Individual tax returns are still due April 15 with an extended due date of October 15. The due dates for S Corporations remain unchanged as well.

Why the big push for these changes? The American Institute of Certified Public Accounts has been a long-time advocate for the new dates to make the process of completing tax returns flow in a more logical manner. Now, for example, flow-through entities like partnerships will have a due date ahead of other entity types that may be waiting for those partnership K-1s. The changes take effect for tax years generally starting after December 31, 2015, so you have one more year of traditional due dates before the new ones apply during the 2017 filing season.
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Jennifer Van Cleave, Senior Marketing Specialist
(210) 253-1595