Revised Due Dates For Certain Returns

Published on October 29, 2015.

Earlier this year, the President signed into law the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015”. The new law contains a number of important tax provisions including revised due dates for partnership and C corporation returns and revised extended due dates for certain returns. The following is a summary of these due date changes.

Revised Due Dates for Partnership and C Corporation Returns

Current law. Domestic corporations (including S corporations) must file their returns by the 15th day of the 3rd month after the end of the tax year; thus, those with a calendar year must file their returns by Mar. 15 of the following year. Partnership returns are due on the 15th day of the 4th month after the end of the partnership’s tax year; thus, those with a calendar year must file their returns by Apr. 15 of the following year.

New law. Effective generally for returns for tax years beginning after Dec. 31, 2015:

  • Both partnerships and S corporations will have to file their returns by the 15th day of the 3rd month after the end of the tax year; thus, those with a calendar year will have to file by Mar. 15 of the following yea As a result, the filing deadline for partnerships will be accelerated by one month; the filing deadline for S corporations stays the same.
  • C corporations will have to file by the 15th day of the 4th month after the end of the tax year; thus, those with a calendar year will have to file by Apr. 15 of the following year. As a result, the filing deadline for C corporations will be deferred for one month.
  • The new deadlines generally go into effect for returns for taxable years that begin after Dec. 31, 2015. Under a special rule, for C corporations with fiscal years ending on June 30, the change won’t apply until tax years beginning after 31, 2025.

Revised Statutory Automatic Extension Rules for Corporations

Current law. Corporations are permitted an automatic 6 month extension to file their returns. Thus, a calendar year corporation with an original due date of Mar. 15 can obtain an extension until Sept. 15 to file their corporate return.

New law. Effective for returns for most C corporations for tax years beginning after Dec. 31, 2015 and before Jan. 1, 2026, the automatic extension period is 5 months (not 6 months). For years beginning after Dec. 31 2025, the extension period is increased to 6 months. For any return for a tax year of a C corporation which ends on June 30 and begins before Jan. 1, 2026, the automatic extension period is 7 months (not 6 months) after which the extension period is reduced to 6 months.

Revised Extended Due Dates for Certain Returns

New law. Effective for returns for tax years beginning after Dec. 31, 2015, the maximum extension periods will be modified as follows:

  • The returns of partnerships filing Form 1065 will be a 6-month period ending on Sept.15 for calendar year taxpayers (currently a 5-month period).
  • The returns of trusts filing Form 1041 will be a 5 ½-month period ending on Sept. 30 for calendar year taxpayers (currently a 5-month period).
  • The returns of employee benefit plans filing Form 5500 will be an automatic 3 ½-month period ending on Nov. 15 for calendar year plans (currently a 2 ½ month period).
  • The returns of organizations exempt from income tax filing Form 990 (series) will be an automatic 6-month period ending on November 15 for calendar year filers (currently a 3-month period).

FinCEN Report Due Date Revised

Current law. FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), is used to report a financial interest in or signature authority over a foreign financial account. The FBAR must be received by the Department of the Treasury on or before June 30th of the year immediately following the calendar year being reported. The June 30 filing date may not be extended.

New law. For returns for tax years beginning after Dec. 31, 2015, the due date of FinCEN Report 114 will be April 15 with a maximum extension for a 6-month period ending on October 15.

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