Beginning with fiscal years ending after December 31, 2015 (the 2016 tax season), the filing deadlines have changed, which is good news. The changes are a result of years of activism by tax preparers. The new deadlines create more logical flow for businesses with pass-through income. However, beware these changes are imbedded in a law that gives the Internal Revenue Service (IRS) an increased audit period. The audit period goes from three to six years in many cases.
As a reminder, the 2016 tax return filing deadlines are:
| Form | 2017 Year Filing Date (2016 taxes) |
Fiscal Year Filers |
|---|---|---|
| Form 1065 Partnership |
March 15, 2017 | 15th day of the 3rd month after the fiscal year end |
| Form 1065 Partnership Extension |
September 15, 2017 | |
| Form 1120 C-Corporation | April 18, 2017 | 15th day of the 4th month after the fiscal year end* |
| Form 1120 C-Corporation Extension | October 16, 2017 |
*A special rule for C Corporations with fiscal years that end on June 30 delays the change until December 31, 2025 – a full ten years. These C Corporations will continue to have a September 15 filing date (and an extension date of February 15th).
If you have any questions regarding the new tax filing deadlines and how they may affect your benefit plans, please contact your Nyhart advisor.