New Filing Deadlines starting for Tax Year 2016 – Congress did something right!

Do you have to file an Extension each year because your K1 doesn’t come until May? Do you get confused because you have to file your Foreign Account Form in June but your Extension is good until October?

It is rare that this blog applauds Congress, but last week they passed HR 3236 which makes some sensible changes to return filing deadlines and information returns.

Key Filing Date Changes*

Partnership Returns due on March 15th – this due date is moved up by a month, so hopefully the K1s will be in the mail no later than March 16th (if the Partnership files on time) which means YOU can file on time!

C Corporation Returns due on April 15th – you get an extra month to file these returns because there isn’t much generated from a C Corp return that is going to impact another’s income tax return.

S Corporation Returns due on March 15th – no change here because the S Corp generates a K1 that the individual needs to file their tax return.

FBAR (Form 114) – now due on April 15th AND you are now allowed a six-month extension (so if your personal return is extended until October 15th you can file your FBAR at that time too).

Note: California does not automatically conform to these dates, so they will have to pass separate legislation to conform.

Key Form Changes

Your Mortgage Interest statement (Form 1098) will now show the amount of outstanding principal, the loan origination date, and the property address. (The individual taxpayer may not see much value in these figures, but your tax preparer is going to be thrilled to have this additional information!)

These changes don’t start until 2017 (for Tax Year 2016) but this is good news for taxpayers and hopefully a harbinger of more good tax news to come from Congress!

* Note: these dates are for calendar year filers only. Fiscal year filers have different filing dates and there is a special rule for C-Corps with a June 30th fiscal year end who have to continue to file within 3.5 months of their year end until 2025 (that is not a typo).

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