Last week, President Obama signed into law a short-term highway funding extension bill (H.R. 3236) that contained several common tax return due date changes, which will be in effect for tax years beginning after December 31, 2015.

Partnerships

The due date changed from April 15 to March 15, (for calendar-year partnerships) which should enable partners to receive their Schedule K-1 in time to report information for the individual April 15 deadline. For fiscal-year partnerships, the new due date will be the 15th day of the third month following the close of the fiscal year.

C Corporations

The due date changed from March 15 (or the 15th day of the third month after the end of its tax year) to April 15 (or the 15th day of the fourth month after the end of its tax year). Additionally, C Corporations will be allowed a six-month extension except for calendar-year corporations who would get a five-month extension until 2026. Corporations with a June 30 year-end would get a seven-month extension until 2026.

State societies and tax professionals have long advocated for these changes to better balance the workflow of tax returns throughout the year. The changes will also likely reduce the amount of extended and amended returns. Refer to the table below for a full listing of the tax return due date changes.

Tax Return TypeCurrent Original and Extended Due DateNew Original and Extended Due Date in effect for Tax Year 2016 (except where noted)
Partnership

Form 1065
April 15

September 15
March 15

September 15
S Corporation

Form 1120S
March 15

September 15
March 15

September 15
Trust and Estate

Form 1041
April 15

September 15
April 15

September 30
C Corporation (calendar-year)

Form 1120

March 15

September 15
Before Jan 1, 2026:
April 15

September 15

After Dec 31, 2025:
April 15

October 15
C Corporation (June 30 fiscal year)

Form 1120

September 15

March 15
Before Jan 1, 2026:
September 15

April 15

After Dec 31, 2025:
October 15

April 15
Individual

Form 1040
April 15

October 15
April 15

October 15
Tax Exempt Organizations

Form 990
May 15

August 15

November 15
May 15

November 15
Employee Benefit Plans

Form 5500
July 31

October 15
July 31

November 15
Foreign Trusts with US Owner

Form 3520-A
March 15

September 15
March 15

September 15
FinCEN

Report 114
June 30April 15

October 15

*Chart taken from the AICPA Tax Section.

If you have questions about these upcoming changes, feel free to contact one of our tax advisor today. MCB has been a trusted tax advisor for more than 60 years serving the tax needs of businesses and individuals.

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