New Tax Return Due Dates for 2016 Tax Returns

The Internal Revenue Service has made several changes in due dates for some Federal tax returns, effective for the filing of 2016 tax returns, due in 2017. The changes affect Partnership, LLC and C Corporation tax returns. The due dates for S Corporation returns, individual income tax returns and estimated tax payments have not changed, however, there is one due date that has changed that may affect individuals. The California Franchise Tax Board has recently conformed to these due dates as well.

The changed due dates are as follows:

• The Partnership and LLC tax return due date is moved up one month, from April 15th to March 15th for calendar year returns and the 15th day of the third month after the year end for fiscal year returns.
• The C Corporation tax return due date is moved from March 15th to April 15th for calendar year returns and the 15th day of the fourth month after the year end for fiscal year returns.
• Form 114, the Foreign Bank and Financial Accounts Report (FBAR), which may be required for both businesses and individuals, is now due by April 15th. In prior years, this report was due by June 30th. However, unlike prior years, an extension can be requested which would extend the due date of this form to October 15th.

Moving the due dates of Partnership and LLC returns up one month makes it more important than ever to get your tax records in order as soon as possible after the close of your business year end. Of course, extensions are still available to extend these due dates should this be necessary.