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Focus on Entrepreneurial Services: Tax Return Due Date Changes to the 2016 Tax Year (2017 Filing Season)

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Legislation passed by Congress and signed into law by President Obama on July 31, 2015 has modified the tax filing due dates for taxable years starting after December 31, 2015.
October 6, 2016

Legislation passed by Congress and signed into law by President Obama on July 31, 2015 has modified the tax filing due dates for taxable years starting after December 31, 2015.

Under the new filing rules for partnerships and entities taxed as partnerships, Tax Form 1065 will be due on the 15th day of the third month (formerly the fourth month) following the entity’s calendar or fiscal year end. Extensions will be available for up to six months (formerly five months) from the initial due date.

In short, if you are a Partnership you have one less month to file your tax return by the initial due date, but your extension due date has not changed.

 

Partnership Calendar Year End Example

   Old Deadline
 New Deadline
 Initial Filing
 April 15
March 15
 Extension Filing
 September 15
 September 15

Under the new filing rules for C Corporations and entities taxed as C corporations, Tax Form 1120 will be due on the 15th day of the fourth month (formerly the third month) following the entity’s calendar or fiscal year end.  Extensions will be available for up to five months (formerly six months) from the initial due date.  However, extensions will be available for up to seven months for entities with a June 30th year end under the new law.  

The law also states that C Corporations’ extension deadline for all tax years beginning after December 31, 2025 will be for up to six months from the initial due date regardless of the month of year end.


In short, if you are a C Corporation you will have one more month to file your tax return by the initial due date, and if you are not a June 30th year end, your extension due date has not changed yet.

 

C Corporation Calendar Year End Example

   Old Deadline
 New Deadline
 Initial Filing
 March 15
April 15
 Extension Filing
 September 15

 September 15
(Until year 2026)


S Corporations will have no change to their initial or extended due dates under the new law.


If you have questions or would like additional information, please contact a member of RubinBrown’s Entrepreneurial Service Group.

 

Any federal tax advice contained in this communication (including any attachments): (i) is intended for your use only; (ii) is based on the accuracy and completeness of the facts you have provided us; and (iii) may not be relied upon to avoid penalties.

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