New Federal Tax Due Date Changes: Here’s What You Need to Know

As you prepare to file your tax returns for the 2016 tax year, there are important federal due date changes that may impact the due dates for your return. The due date changes for calendar-year companies with the most significant impact affect:

  • Partnerships, now due March 15 (formerly April 15)
  • Corporations, now due April 15 (formerly March 15)

The main objective of the federal due date changes is to ease the burden for taxpayers and preparers in preparing corporate, individual, or trust returns needing a partnership K-1. This means that taxpayers will have to gather their partnership information earlier in order to file on time.

Corporations and partnerships that extend their returns will still generally obtain a six-month extension to file. Importantly, however, calendar-year C corporations will only receive a five-month extension so the extended due date for calendar-year C corporations remains September 15. C corporations with a June 30 year-end have their own set of new rules for the timing of filing their tax returns as noted in the chart below.

Since these changes are for tax years beginning in 2016, they’re also relevant for any short-year returns beginning in 2016. These aren’t the only changes, though. Let’s explore the other due date changes impacting taxpayers.

Foreign Reporting

Taxpayers that are required to file foreign bank account reports (FBARs) should be aware that the FBAR due date will change from June 30 to April 15. The upside is you can now get a six-month extension to file your FBAR.

Payroll Reporting Due Dates

Starting in 2017, all copies of Forms W-2 and 1099-MISC (with report information in Box 7 related to nonemployee compensation) must be filed by January 31. Forms 1099-MISC reporting information in any other box will still have the previous deadline of February 28.

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Employers with payroll filings and partnerships will be most impacted by the earlier due dates. Your tax preparers will need information earlier in the year to be able to file on time. On the positive side, corporations will have more time to file and any individuals with foreign bank account reporting requirements can now file for an extension.

Contact your Moss Adams professional for any questions related to these due date changes. See below for a summary of the changes.