8/6/15

Client Alert: Changes to Federal Tax Return Filing Deadlines

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Attorneys & Professionals

Pursuant to recently enacted legislation, filing deadlines for federal partnership information returns (Form 1065), S corporation information returns (Form 1120S) and C corporation income tax returns (Form 1120) have been changed.  Click here to read the law.  With increased use of flow through entities, the goal of the new deadlines is to create a more logical flow of information assisting taxpayers in filing timely and accurate tax returns.

S Corporation and Partnership Return Deadlines

For tax years beginning after December 31, 2015 (starting for the 2017 filing season), partnerships and S corporations must file information returns by the 15th day of the third month (instead of the fourth month) after the end of the partnership’s or S corporation’s tax year.  Therefore, the original due date for information returns of calendar year partnerships and S corporations will now be March 15th (instead of April 15th).

The maximum extension period for S corporations and partnerships is six months.  For partnerships, this is an increase from the current five month extension period, therefore retaining a September 15th extended due date for calendar year partnerships. 

C corporation Return Deadlines

For tax years beginning after December 31, 2015 (starting for the 2017 filing season), C corporations must file their tax returns by the 15th day of the fourth month (instead of the third month) after the end of the C corporation’s tax year.  Therefore, the original due date for tax returns of calendar year C corporations will now be April 15th (instead of March 15th).  However, for C corporations with tax years ending on June 30, the effective date of this change is delayed for 10 years, until tax years beginning after December 31, 2025.

For tax years beginning on or after January 1, 2026, all C corporations will be entitled to a six month extension period.  For taxable years beginning after December 31, 2015 and before January 1, 2026: (i) C corporations with a tax year ending December 31 will be entitled to a five month extension period, (ii) C corporations with a tax year ending June 30 will be entitled to a seven month extension period, and (iii) all other C corporations will be entitled to a six month extension period.

Other Return Deadline Changes

The legislation also modifies the deadlines for a number of other return filings.

The due date of FinCEN Report 114 (relating to Report of Foreign Bank and Financial Accounts) (FBAR) shall be April 15 (instead of June 30) with a maximum six month extension (with extension rules similar to the rules in Treas. Reg. section 1.6081-5).

In addition, for taxable years beginning after December 31, 2015, the IRS must modify its regulations to provide for the following maximum filing deadline extensions: