Changes in certain tax return due dates

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Famspear
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Changes in certain tax return due dates

Postby Famspear » Tue Aug 04, 2015 9:03 pm

On July 31, 2015, President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (H.R. 3236). Section 2006 of the Act amends various provisions of the Internal Revenue Code to change various tax return due dates.

Some of the more exciting changes:

1. Beginning with the 2016 calendar tax year, the Form 1065 (for a partnership) will be due March 15, 2017. Thus, partnership and S corporation returns will be due on the same day.

2. Beginning with the 2016 calendar tax year, Form 1120 (for a C corporation) will be due April 15, 2017 (actually, a few days later, as April 15, 2017 falls on a Saturday).

:)
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LaVidaRoja
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Re: Changes in certain tax return due dates

Postby LaVidaRoja » Tue Aug 04, 2015 9:30 pm

Any change to the 1041?
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Famspear
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Re: Changes in certain tax return due dates

Postby Famspear » Tue Aug 04, 2015 11:06 pm

LaVidaRoja wrote:Any change to the 1041?


No, I don't see anything in the Act that changes the April 15th due date for the Form 1041.
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NYGman
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Re: Changes in certain tax return due dates

Postby NYGman » Tue Aug 04, 2015 11:11 pm

My issue has always been the partnership and individual date being the same, always causing issues. Putting Partnerships at March, give a one month lag between the issuance of the K1 and the Individual tax return. It also makes sense the 1041 stay where it is. While it will be a pain for some funds, we still have extensions :)
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Re: Changes in certain tax return due dates

Postby Arthur Rubin » Wed Aug 05, 2015 6:37 am

I could be wrong, but I believe the 1041 extension is reduced from 6 months to 5-1/2 months: September 30 for calendar year estates and trusts. Note also the odd provision for corporations with a June end of the fiscal year; the change of due date from September 15 to October 15 is deferred for 10 years
Arthur Rubin, unemployed tax preparer and aerospace engineer
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