As you’re starting to gather your tax documents and records to gear up for this upcoming tax season, it’s a good time to be reminded of several deadline changes that impact federal 2016 tax returns.
On July 31, 2015, President Obama signed into law The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (2015 Surface Transportation Act). This legislation changed the federal tax return filing deadlines for partnerships and corporations.
Note that the due dates for federal individual and S-corporation returns remain unchanged.
The changes to the federal tax return filing deadlines generally apply to returns for tax years beginning after December 31, 2015. This means that for calendar-year taxpayers, 2016 returns filed this year is the first time these new deadlines will apply.
For partnerships, the new due date for a filing Form 1065 is two-and-a-half months after the close of the entity’s tax year (March 15 for calendar-year taxpayers). There is a six-month maximum extension (September 15 for calendar-year taxpayers).
For C-corporations, the new due date for a filing Form 1120 is three-and-a-half months after the close of the entity’s tax year (April 15 for calendar-year taxpayers). There is a six-month extension for fiscal-year corporate taxpayers, and a five-month extension for calendar-year corporate taxpayers until 2026.
However, for C-corporations with a tax year ending on June 30, the filing deadline will remain unchanged at September 15 until tax years beginning after December 31, 2025, at which point the deadline will change to October 15. For these corporate taxpayers, there is a seven-month extension (April 15) until 2026 at which point there will be a six-month extension.
The tax and accounting industry welcome these changes, as industry professionals have long advocated for these modifications. Specifically, these modified due dates were recommended and suggested to assist with workflow during deadlines. Additionally, another goal of these changes is that this will allow partners to receive the information necessary to file their individual tax returns timely and accurately.
See the chart below for quick reference to federal tax return due dates and extensions.
|Entity Type||Due Date||Extension|
|Partnerships – calendar-year||March 15||6-month|
|Partnerships – fiscal year||2 ½ months after year end||6-month|
|C-Corporations – calendar year||April 15||5-month
|C-Corporations – fiscal year||3 ½ months after year end||6-month|
with June 30 year end
|September 15 until 2026
(then October 15)
|7-month until 2026
|S-Corporations – calendar year||March 15||6-month|
|S-Corporations – fiscal year||2 ½ months after year end||6-month|