New Filing Deadlines for Business Returns: New highway law changes due dates

On July 31, 2015, President Obama signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (Highway Act), which includes a provision regarding transfers of excess pension assets to retiree health accounts. Though the bill doesn’t have much to do with taxes, it has impacted the 2016 and subsequent tax year filing deadlines for partnership, S corporation and C corporation returns.
The new deadlines are as follows:
•     Partnership returns. March 15, instead of April 15 for calendar-year partnerships.
•     S corporation returns. March 15 (no change).
•     C corporation returns. April 15, instead of March 15 for calendar-year C corporations. Also note, returns for C corporations with a June 30 year-end will continue to be due on the fifteenth day of the third month (September 15) until tax years beginning after December 31, 2025.
The time period for extensions has also been changed for tax years beginning after December 31, 2015. They are:
•     5 months for C corporations that file on a calendar year, until tax year 2026.
•     5½ months for calendar-year trusts.
•     6 months for partnerships and S corporations.
•     6 months for the FBAR.
•     6 months for calendar-year non-profits that file Form 990 series.
•     6 months for any C corporation with taxable years ending on days other than December 31 or June 30.
•     7 months for C corporations with taxable years ending on June 30, but only for taxable years beginning before January 1, 2026.
Feel free to give me a call if you have any questions or concerns about these changes.
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