by Nicole Oeltjen
Tax Senior at Atchley & Associates, LLP
Federal due dates for the 2016 tax returns are changing for the 2017 filing season. Don’t worry, your individual income tax return is still due April 15th and the extended due date is still on October 15th. Changes were made to business returns and other tax forms.
The new due dates apply to tax years beginning after December 31, 2015. This also applies to a business that that may have a short year return during 2016. For business that have a fiscal year end other than a calendar year end the due dates may differ slightly.
New federal due dates for a calendar year taxpayer are below:
Form Type Due Date Extended Due Date
1065 Partnership March 15 September 15
1120S S corporation March 15 September 15
1040 Individual April 15 October 15
1041 Trust & Estate April 15 September 30
1120 C corporation April 15 September 15
FinCEN Form 114 Foreign Accounts April 15 October 15
990 & 990T Tax Exempt May 15 November 15
5500 Employee Benefit Plans July 31 October 15
States that have income filing requirements will be working to enact legislation to change their due dates to coincide with the federal deadlines for 2017.
Why the change?
Over the years more and more businesses were formed as a flow through entity-such as a partnership or S corporation-rather than a C corporation due to the tax implications. As tax law and the complexities of a partnership structure increased, additional time was needed in order for information to be gathered, prepared, and properly reviewed before filing a business tax return. Individual taxpayers were finding it difficult to file on time due to receiving a late Schedule K-1. A Schedule K-1 is the form one receives as being a partner or shareholder of a business structured as a flow through entity. The AICPA, tax professionals and business owners voiced their concerns and opinions and advocated for a change in the federal due dates. Congress passed the new legislation in 2015 to take effect for the 2017 filing season.