TEMECULA – Tax provisions included in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 has modified the due dates for partnership and C Corporation tax returns as well as for Financial Crimes Enforcement Network Form 114, Report of Foreign Bank and Financial Accounts and several other IRS information returns effective beginning Jan. 1, 2016.
For W-2 forms and certain 1099-Misc forms that report non-employee compensation in box 7, the new due date to be filed with the IRS or Social Security Administration is Jan. 31, which is the same date these information returns have been provided to the taxpayer; however, the previous due date for these same forms to be filed with the IRS or Social Security Administration was Feb. 28, or March 31, if filed electronically.
For partnership returns form 1065, the new due date is March 15 for calendar year filers, the 15th day of the third month following the close of the fiscal year for fiscal year filers; it was April 15 for calendar year filers. The filing due date for form 1065 partnership returns on extension will remain Sept. 15 for calendar year filers, the 15th day of the sixth month following the original due date of the form 1065 partnership return for fiscal year filers.
The new due date is April 15 for calendar year C Corporation returns Form 1120. The previous due date for C Corporation returns on a calendar year was March 15. The extension due date for calendar year C Corporation returns will remain Sept. 15.
For C Corporation returns with fiscal years other than June 30, the new filing date will be the 15th day of the fourth month following the close of the fiscal year. The extension filing due date for fiscal year C Corporation, with fiscal years other than June 30 will be the 15th day of the sixth month following the original due date of the C Corporation return. There is a special rule applied to C Corporations returns with fiscal year ending on June 30, the due date remains Sept. 15. Extensions for those C Corporation returns ending on June 30 will be the 15th day of the seventh month following the original due date of the C Corporation return.
The due date for 1120-S Corporations has not changed. For calendar year filers the due date remains March 15. The filing due date for 1120-S Corporation returns on extension will remain Sept. 15 for calendar year filers.
Enrolled Agents are the only federally licensed tax practitioners who specialize in taxation and also have unlimited rights to represent taxpayers before the Internal Revenue Service. To find a locally available Enrolled Agent, go to www.CSEA.org or www.ietaxpro.org or call 800-829-7765.