New Tax Return Filing Deadlines in 2016
By: John Lohman, CPA
Included in the Federal Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 were revised income tax return deadlines for Corporations (Form 1120), Partnerships and LLCs filing as partnerships (Form 1065). Also, some related extended due dates were revised.
Effective for tax years beginning after December 31, 2015, Form 1065 will be initially due on March 15th (2.5 months after year-end). Previously this form was due on April 15th. Though the initial filing due date was moved up one month, the extended due date for Forms 1065 remains at September 15th.
For years, the IRS has received numerous and repeated complaints about the timing of K-1s issued on the 1040 filing deadline of April 15th. Moving the deadline up one month is an effort on the part of the IRS to address those complaints and provide a bigger window for taxpayers who have Form 1065 K-1s that need to be folded into their personal income tax returns.
Please keep in mind that returns with year-ends other than December, such as fiscal year returns or short-year returns have the same shortened filing period: the 1065 is due 2.5 months after year-end (15th day of the third month).
The due date for Form 1120 was moved one month later to April 15th for December year-ends. Previously the due date for Form 1120 was March 15th. The extended due date for Form 1120 was also moved back one month to October 15th.
The due date for the FinCen form, which reports foreign bank holdings, was moved from June 30th to April 15th. The January 31st due dates for W-2s and Forms 1099 has not changed. However, the deadline for submitting all forms to the IRS is now also January 31st, one month earlier than the previous February 28th submission date.
Of course it is important to be aware of these filing deadlines: late filings typically lead to penalties. If meeting a deadline is going to be a problem for you, please contact DGN for assistance with filing or getting the appropriate extensions filed if necessary.
John Lohman, CPA joined Dennis, Gartland & Niergarth in 1999 and has been in public accounting for over 20 years. A nonprofit tax specialist, John is a tax manager with DGN and is a member of the government/nonprofit team and the oil & gas team. John previously presented a NorthSky Nonprofit Network seminar on "The New IRS 990 Form" and written articles on the topic. He is a member of the American Institute of CPAs, the Michigan Association of CPAs and the Council of Petroleum Accountants Society of Michigan. John earned a Bacelor of Accountancy from Michigan State University.