Preparing Your Business for New Filing Deadlines
In July of 2015 Congress passed and President Obama signed a Highway Funding Bill that extended financing for transportation infrastructure. Section 2006 of that bill modifies the tax filing due dates for tax years beginning after December 31, 2015. The filing deadlines for a variety of entities, including partnerships and C corporations, will change.
The revised filing deadlines is a long time coming for the AICPA, which has been advocating for years for more logical due dates. The current structure makes it difficult for taxpayers and preparers to submit timely, accurate returns. With the help of state CPA societies, the AICPA lobbied Congress to:
• address the complaints from taxpayers and professionals,
• improve the overall tax return filing process through a logical flow of information,
• reduce the reliance on extensions by encouraging earlier filing, and
• ease the administrative burden for the government, taxpayers and practitioners.
What the new filing deadlines mean for business owners
As a business owner and taxpayer it is important to be aware of the new filing deadlines to make sure you are submitting timely information. The following two questions will determine your due date:
1. What entity is your business considered to be?
2. When is your tax year end date?
The new due dates are effective for tax years beginning after December 31, 2015 with the exception of C Corporations with fiscal years ending on June 30. New date rules for C Corporations will go into effect for returns with taxable years beginning after December 31, 2025.
We have highlighted below some of the major changes. For a complete list of new due dates, please refer to our giveaway this month, a copy of the AICPA’s resources which includes a list of all original and extended tax return due dates.
Return Type Prior Due Dates New Due Dates
Partnership (calendar year) April 15 March 15
S Corporation (calendar year) March 15 No change
C Corporation (calendar year) March 15 April 15
FinCEN Report 114
(Replaces FBAR return) June 30 April 15
Individual Form 1040 April 15 No change
Extension Modifications for Calendar Year Filers
1065 6 Months
1041 5 ½ months
5500 3 ½ months
990 6 months
3520-A and 3520 6 months
FinCEN report 114 6 months
Extension Modifications for C Corporations
June 30 FYE 7 months
December 31 FYE 5 months
All other FYE’s 6 months
After 12/31/25 All revert back to 6 months
Will individual tax filers be affected by the new due dates?
Yes, those who file foreign bank account reports will notice a change. The due date for FBARs will move from June 30 to April 15. FBAR filers are also applicable to receive a six-month extension, similar to tax returns.
The extension dates for trust returns are receiving an extension. Trust returns are still due in April, but the extension will change from September 15 to September 30.
You will want to review your return-filing procedures and determine what changes need to be made to comply with the new dates. The professionals in our office can help you understand how this will affect your business; call on us today.