Legislation passed in July 2015 made changes to the due dates for partnership tax returns, C corporation tax returns, FBARs, and other information tax returns. The modified due dates are for tax years beginning after December 31 2015 (except for C corporations with a fiscal year ending on a specific date, which is discussed below). The changes can be summarized as follows:
Partnership Returns (Form 1065):
For tax years beginning before December 31, 2015, partnership returns are due on the 15th day of the fourth month following the last day of the partnership’s tax year. Under the new legislation, for tax years beginning after December 31, 2015 partnership returns are due on the 15th day of the third month following the last day of the tax year. Calendar year partnerships with a tax year ending December 31 will have a new tax filing due date of March 15.
C Corporation Returns (Form 1120):
For tax years beginning before December 31, 2015, C corporation returns are due on the 15th day of the third month following the last day of the reporting year. Under the new legislation, for tax years beginning after December 31, 2015, partnership returns are due on the 15th day of the fourth month following the last day of the tax year. Calendar year corporations with a tax year ending December 31 will have a new tax filing due date of April 15. Additionally, corporations will be allowed a six month extension, except that calendar year corporations will get a five month extension until 2026 and corporations with a tax year ending June 30 will get a seven month extension until 2026.
Note: for corporations with a fiscal year ending on June 30, the new due dates do not become effective until tax years beginning after December 31, 2025.
FBARs (FinCen Form 114):
For tax years beginning before December 31, 2015, FBARs are due June 30 of the year following the last day of the tax year. Under the new legislation, for tax years beginning after December 31, 2015, FBARs are due on April 15 of the year following the end of the reporting year with the possibility of a six month extension. This will be the first time taxpayers have had the opportunity to extend the FBAR filing deadline.
Foreign Gift and Trust Informational Returns (Form 3520):
For tax years beginning before December 31, 2015, taxpayers must file Form 3520, “Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts” by the due date of the taxpayer’s income tax return. Under the new legislation, for tax years beginning after December 31, 2015, calendar-year filers must file this form by April 15 with the possibility of a six-month extension.
If these changes may impact you or you have any questions, contact Hone Maxwell LLP today.
