Home » DMLO Report » Business Tax Filing Date Changes

Business Tax Filing Date Changes

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, a law designed primarily as a three-month stopgap extension of the Highway Trust Fund and related measures, contained a number of important tax provisions, including the revised due dates for partnership and corporation tax returns.

Earlier Due Dates for 2016 Partnership and LLC Returns

For many years, partnership federal income tax returns on Form 1065 have been due three and a half months after the end of the partnership tax year. So for a calendar-year partnership, the filing deadline was April 15 of the following year (adjusted for weekends and holidays).

The Form 1065 due dates have now been changed. For partnership tax years beginning after December 31, 2015, the Form 1065 due date is accelerated by one month, to two and a half months after the close of the partnership’s tax year (March 15 for calendar-year partnerships). The same deadline applies to limited liability companies (LLCs) that are treated as partnerships for federal tax purposes.

Automatic six-month extensions are allowed (to September 15, adjusted for weekends and holidays, for a calendar-year partnership or LLC). You must file Form 7004, “Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns,” to obtain an automatic extension.

Later Due Dates for 2016 Corporate Federal Income Tax Returns

C corporation federal income tax returns on Form 1120 were due two and a half months after the end of the corporation’s taxable year (March 15, adjusted for weekends and holidays, for a calendar-year corporation). Form 1120 could be automatically extended for six months (through September 15, adjusted for weekends and holidays, for a calendar-year corporation).

The Form 1120 due dates have now also been changed. For tax years beginning after December 31, 2015, the due date is generally moved back one month to three and a half months after the close of the corporation’s tax year (to April 15, adjusted for weekends and holidays, for a calendar-year corporation).

Automatic five-month extensions are allowed (to September 15, adjusted for weekends and holidays, for a calendar-year corporation). File Form 7004 to obtain an automatic extension.

The Form 1120S due date for S corporations is unchanged.

Note: Under a special transition rule for C corporations with fiscal years ending on June 30, the due date change won’t kick in until tax years beginning after 2025. Until then, the traditional due date of September 15 (adjusted for weekends and holidays) for these corporations will continue to apply, with automatic seven-month extensions allowed.

Need Help with Compliance?

If you have questions about the new filing deadlines for tax returns or information returns, or you want to file an extension, we’ll be happy to help.

Leave a Reply

Your email address will not be published. Required fields are marked *

IMPORTANT! To be able to proceed, you need to solve the following simple math (so we know that you are a human) :-)

What is 12 + 14 ?
Please leave these two fields as-is:

Copyright © DMLO. All Rights Reserved. | 9300 Shelbyville Road, Suite 1100, Louisville, KY 40222