Changing Due Dates for Entity Level Tax Returns
In the summer of 2015 the US Congress passed legislation which modified the due dates for several common tax returns. The provisions, included as a revenue provision in a highway bill (Surface Transportation and Veterans Health Care Choice Improvement Act of 2015) will apply to 2016 tax returns, filed in 2017.
The most notable changes include an earlier due date for partnership returns, with calendar year filings being due in March of 2017, rather than April, and the opposite for corporate tax returns, which see their initial due date, pushed back from March to April. For partnerships with a non-calendar fiscal year end, the return is due 3.5 months after year end rather than 4.5, with the opposite being true for corporations with non-calendar fiscal years (4.5 months rather than the previous 3.5 month initial due date). The ability to extend a return has not changed.
Another significant change in 2017 will be the due date for FBAR’s (Foreign Bank Account Report) otherwise known as FinCen form 114. Beginning with the 2017 taxation year, FBAR’s will no longer have their own specific due date (historically this has been June 30th), but will instead follow the due dates for the tax return being filed by the taxpayer. For example, the FBAR for an individual and will now be originally due April 15th or October 15th for a properly extended return.