October 23, 2016

New Due Dates for 2016 Tax Returns

Congress recently revised the  due dates for the 2016 tax year as part of a broader highway funding bill and allow for a more logical flow of data.  The new dates apply to 2016 tax returns due in 2017. Partnerships and corporations are most affected by these changes. Please also note that the Report of Foreign Bank and Financial Accounts (FinCEN 114 “FBAR”) has been aligned with income tax reporting deadlines. We strongly encourage our clients to familiarize themselves with the following chart, which reflects the changes in due dates.

Tax Return Prior Due Date

(Extension Due Date)

New Due Date

(Extension Due Date)

Individual
Form 1040
April 15
(October 15)
No Change
FinCEN Report 114 (FBAR) June 30 April 15
(October 15)
Trust and Estate
Form 1041
April 15
(September 15)
April 15
(September 30)
Partnership – Calendar Year Form 1065 April 15
(September 15)
March 15
(September 15)
C Corporation – Calendar Year
Form 1120
March 15
(September 15)
April 15
(September 15)
S Corporation – Calendar Year
Form 1120S
March 15
(September 15)
No Change
Information Returns

(Form  W-2, Form 1099)

February 28
(March 31 if E-Filed)
January 31
Exempt Organizations
Form 990
May 15
(1st extension: August 15. 2nd extension: November 15)
May 15
(November 15)
Employee Benefit Plans
Form 5500
July 31
October 15
No Change

Please contact us if you would like to discuss the impact of the new deadlines with respect to your personal tax situation.