Admin

Posted by

Anne Powelson Anne Powelson
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
edge contributor

Share

Revised tax return deadlines

Rate this item
(0 votes)

Tax deadlines: miss them and you could wind up owing penalties and interest. Not fun, so I'd thought I'd give you a head's up about changes included in the recent highway funding bill. These changes especially effect business partnerships and overseas investors and, mostly, go into effect for your 2016 return, filed in 2017.

Partnership Returns, series 1065, will be due a month earlier than before. Returns for calendar year filers will be due on March 15. For fiscal year filers, partnership returns will be due on the 15th day of the third month following the close of their fiscal year. A six-month extension may be allowed for partnership returns.

S-Corporation returns, series 1120S,do nothave a change in their due date; they remain due on March 15 for calendar year filers and on the 15th day of the third month for fiscal year filers, with an allowable six month extension.

C-Corporations returns, series 1120, have a later due date than before. For calendar year filers, the due date shifts from March 15 to April 15. A five-month extension is allowed, which will change to a six month extension in 2026. For fiscal year filers the due date shifts to the 15th day of the fourth month after the fiscal year closes. However, for C-Corporations with fiscal years ending on June 30, the new due dates will not apply until 2026.

FinCEN 114, also known as the Foreign Bank Asset Reporting, (FBAR) sees the biggest change. It will be due on April 15, rather than June 30. However, currently there is no extension, and with the new due date, applicable taxpayers may request a six month filing extension.

Estate and Trust Returns, series 1041, haveno changeto the due date. The due date remains April 15 for calendar year filers and the 15th day of the fourth month for fiscal filers. However, the extension period is reduced from six months to five and a half months.

These changes should help members of S-Corporations and Partnerships. Those are both pass-through entities, and it's important individuals waiting on K-1's get them in a timely manner.

Again, these changes mostly go into effect in 2017. However, there are changes specific to 2016 which affect almost everyone. In 2016, individual tax returns from Maine residents will not be due until Tuesday, April 19. The usual due date, April 15, falls on a Friday in 2016, which is when Emancipation Day will be celebrated in Washington, D.C. So most individual filers will have until Monday, April 18 to file. In addition to that extension Maine and Massachusetts residents will be allowed an additional day, since April 18, 2016 is Patriot's Day in those two states. That extension will only cover individual tax returns. If you make quarterly payments, the first quarterly payment for Maine and Massachusetts residents will be due on Monday April 18, 2016.

So, in summary, a few extra days for most people in 2016, but beware of changes to due dates for 2017.

Last modified on Tuesday, 11 August 2015 18:27

Advertisements

Website CMS and Development by Links Online Marketing, LLC, Bangor Maine