News

Are you an investor in a partnership or a corporation? The federal due dates for these types of tax returns are changing, beginning with 2016 tax returns to be filed in 2017.

It is important for owners of these types of entities to become familiar with the new deadlines in order to have their financial data and tax documents ready for the change. The new dates will allow for a more logical ordering to the tax filing year, allowing partnership investors to receive their informational Forms K-1 to permit timely filing of personal tax returns. Now both partnerships and S-Corporations will have this earlier filing advantage that benefits the partners and shareholders. The change should also help ease workflow bottlenecks for the tax community.

The new business entity deadlines for years ending December 31 are as follows:

• Partnership Form 1065 – Due March 15
• Corporation Form 1120 – Due April 15
• S Corporation Form 1120-S – Due March 15 (no change from prior law)

Additionally, the extension deadlines for partnerships and S-Corporations have not changed. Forms 1065 and 1120-S will be due September 15, six months after the original due date. The extension deadline for C-Corporations will also be September 15 for December 31 year-end entities before tax years beginning January 1, 2026 and October 15, for years after that date.

What if your company does not have a calendar year-end? The deadlines for fiscal year returns are below:

• Partnership Form 1065 – Due the 15th day of the 3rd month after year-end
• C Corporation Form 1120 – Due the 15th day of the 4th month after year-end (except for June 30 year-end businesses – they are due September 15, before Jan 1, 2026.)
• S Corporation Form 1120-S – Due the 15th day of the 3rd month after year-end

This is not a complete listing of all deadline and extension changes for federal forms for tax years 2016. Here is a link to a chart that may be helpful to you, however. Please contact our office to discuss return due dates for these entities as well as any others that may affect you and your company’s taxes.