On July 31, 2015, President Obama signed into law P.L. 114-41, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015,” which includes a number of important tax provisions, including revised due dates for partnership, S corporations and C corporation returns and revised extended due dates for some returns.
Revised Due Dates for Partnership, S &C Corporation Returns
- Partnerships and S corporations will have to file their returns by the March 15th following the end of the tax year. This results in the filing deadline for partnerships being accelerated by one month with the filing deadline for S corporations staying as March 15.
- By having most partnership returns due one month before individual returns are due, taxpayers and practitioners will generally not have to extend, or scurry around at the last minute to file, the returns of individuals who are partners in partnerships.
- C corporations will have to file by April 15th after the end of the tax year resulting in the filing deadline for C corporations being deferred for one month.
- Form 1065 - U.S. Return of Partnership Income will have a maximum extension of 6 months. The extension will end on Sept. 15 for calendar year taxpayers.
- Form 1041 -U.S. Income Tax Return for Estates and Trusts will have a maximum extension of 5 1/2 months. The extension will end on Sept. 30 for calendar year taxpayers.
- The Form 5500 - Annual Return/Report of Employee Benefit Plan will have a maximum automatic extension of 3 1/2. The extension will end on Nov. 15 for calendar year filers.
Form 3520 And Form 3520-A Due Date Revised
The IRS or FinCEN need to provide clarification on the format or forms for such extensions, which may be similar to Form 4868, which is the form for requesting extensions on Individual tax returns currently. There may also be a requirement that these extensions be filed on the BSA Website as in the case of the FBAR forms.
Read more at: Tax Times blog