Posted by: Beth Cwik
October 21, 2015
New law changes a number of due dates for tax returns.
With respect to partnership and S corporation tax returns, the new due date is March 15 for calendar year partnerships and the 15th day of the third month after the close of the fiscal year for fiscal year partnerships. Note that this is a month earlier than the previous due date of April 15. With respect to C corporation returns, the new due date is the 15th day of the fourth month following the close of the corporation’s year (that would be April 15 for a calendar year end corporation). Note that this is a month later than the previous due date of March 15 for calendar year end corporations. In both cases (partnership returns and corporate returns), the new law allows for a six month extension with exceptions for certain corporations through 2026. All of these changes apply to returns for tax years beginning after December 31, 2015 with one exception: C corporations with fiscal years ending on June 30 have ten extra years (yes, ten) to make the change.
- The new law also changes the due date for foreign trust reporting. The due date of Form 3520–A, Annual Information Return of a Foreign Trust with a United States Owner, has been changed to the 15th day of the third month after the close of the trust’s tax year (remember that trusts can have flexible tax years). The due date of Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, for calendar year filers has been changed to April 15.
- The new law changes the due date for the FinCEN Report 114 relating to Report of Foreign Bank and Financial Accounts (replacing the old “FBAR return”) to April 15. Remember that the due date used to be June 30 so this is significantly earlier. Fortunately, there’s now an extension available (see below).
The new law modifies the time allowable for extension of time to file for several returns. For form 1065: 6-month period ending on September 15 for calendar year taxpayers. For form 1041: 5½-month period ending on September 30 for calendar year taxpayers. For form 5500: automatic 3½-month period ending on November 15 for calendar year plans. For form 990 (series): automatic 6-month period ending on November 15 for calendar year filers. For forms 4720, 5227, 6069, 8870: automatic 6-month period beginning on the due date for filing the return. For forms 3520–A and 3520: 6-month period. And for the first time ever, the FinCEN Report 114 has a 6-month period ending on October 15 (with extension rules similar to those at Treas. Reg. section 1.6081–5).
The new due dates apply to taxable years beginning after December 31, 2015. That means that they’ll apply, generally, to 2016 (the returns you’ll file in 2017) for most taxpayers.