Jan 01, 2017
Hate waiting for that K-1 to file your personal tax return? You may get it sooner as the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 enacted in 2015 changes the due dates for several types of tax and information returns, including partnerships. The change in due dates is intended to allow individuals involved in pass-through entities to receive information (your K-1) sooner so can get your tax return filed in a more timely fashion.
The new due date for calendar-year partnerships for tax years beginning after December 31, 2015 has been moved up a month to March 15, 2017 instead of the old due date of April 15th. The extended due date of calendar year partnership returns remains at September 15th but is an automatic six month extension instead of five months. The extension deadline does not change, only the length of the extension.
Also, the due date for calendar-year C Corporations for tax years beginning after December 31, 2015 has been moved back a month to April 15th (actual date is April 18th this year due to Emancipation Day holiday) rather than March 15th. However, calendar-year S Corporation tax returns will continue to be due March 15th. The extended due date remains September 15th as it has been in prior years.
The due date for fiscal-year filers has also changed, with most C Corporations due on the 15th day of the fourth month following the end of the fiscal year. There is an exception for C Corporations with a fiscal year ending on June 30th. The due date for fiscal-year S Corporation and partnership returns is the 15th day of the third month following the end of the fiscal year.
The annual due date for filing FinCEN Form 114 - Report of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts has been changed to April 15th (April 18th for 2017) to coincide with the due date for individual income tax returns. A six-month extension for filing FinCEN 114 will be automatically granted every year to October 15th (October 16, 2017 because 15th is on a Sunday). It is automatic and you do not need to request an extension. Remember that this filing is required for each United States person having a financial interest in, or signature or other authority over, a bank, securities, or other financial account in a foreign county if the aggregate maximum values in these foreign accounts exceed $10,000 at any time during the calendar year.
Hopefully these new deadlines will encourage partnership returns to be filed earlier and you can get your K-1 sooner! Unfortunately, partnership returns can be extended automatically for six months without penalty.
If you have any questions about these new due dates and any impact they may have on your tax filings, please feel free to contact Paula Rogers at email@example.com or one of our other qualified tax professionals.