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Change in Filing Deadlines for Business Returns

On July 31, 2015, President Obama signed into law the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015”.  Although primarily designed as a three-month stopgap extension of the Highway Trust Fund, the Act includes a number of important tax provisions, including revised due dates for partnerships and C corporation returns and revised extended due dates for many other returns.

Revised due dates for Partnership and C Corporation returns

Partnerships

Prior: Under prior law, partnerships were required to file their returns by the 15th day of the 4th month after the end of the partnership’s tax year.  For calendar year partnerships, returns were due by April 15 of the following year.

Since the partnership return date is the same as for individuals, those taxpayers holding partnership interests often must file for an extension to file their returns because their Schedule K-1s don’t arrive until the last minute.

NEW: Effective generally for returns for tax years beginning after Dec. 31, 2015, the due date for partnership tax returns will be 15th day of the 3rd month after the end of the partnership’s tax year.  Therefore, the filing deadline for partnerships will be accelerated by one month.

C Corporations

Prior: Under prior law, C corporations were required to file their returns by the 15th day of the 3rd month after then end of the tax year.

NEW: C corporations will now have until the 15th day of the 4th month after the end of the tax year.  Therefore, the filing deadline for C corporations will be deferred for one month.

FinCEN Report Due Date Revised

Prior: FinCEN Form 114, Report of Foreign Bank and Financial Accounts, is used to reporting a financial interest in, or signature authority over, a foreign financial account.

The FBAR must be received by the Department of Treasury on or before June 30th of the year immediately following the calendar year being reported.  The June 30 filing date may not be extended.

NEW: Under the new law, for tax years beginning after December 31, 2015, Treasury is directed to modify appropriate regulations to provide that the due date of FinCEN 114 will be April 15, with a maximum extension for a six-month period ending on October 15.

Have a question about the change in filing deadlines? Our Tax Planning and Preparation Group can help. Contact Jim Forbes, CPA at 440-449-6800 or jforbes@skodaminotti.com.

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