Don’t Be Late! New Filing Deadlines and Extensions for 2016 Taxes

In June of 2015, President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act. Although this legislation primarily deals with highway infrastructure, it has a huge impact on the due dates for many tax returns, beginning with 2016 tax returns prepared in 2017.

Please see below for a summary of the new deadlines.

Partnerships (Form 1065)
Under the new law, partnership returns are now due March 15 – one month earlier from the original filing deadline of April 15.  Prior law required partnerships to file by the 15th day of the fourth month after the end of the tax year, which is the same deadline for individual tax returns. This law was created to ease the burden on individual partners by allowing extra time between entity filings.

C Corporations (Form 1120)
C-Corporations are now due April 15 – one month later than the original filing deadline of March 15. Prior law required corporations to file by the 15th day of the third month after the end of the tax year, which meant corporations based on calendar tax year had to file by March 15.

The extended due date for partnership and C-Corporation returns has not changed from the original date of September 15.

S Corporations (Form 1120S)
There have been no changes to the due dates for S corporations, so the deadline remains at the 15th day of the third month after the end of the tax year.

Individuals (Form 1040)
No changes were made to the Individual filing deadline of April 15 or the extended due date of October 15.

Trusts and Estates (Form 1041)
The extended due date for Form 1041 for Trusts and Estates has increased to 5 ½ months to September 30.

Foreign Reporting FinCEN (Form 114)
There have been also a number of changes to the due dates of the FinCEN Form 114 for reporting foreign bank and financial accounts. Form 114 is now due on April 15 and can be extended for six months to October 15.

Mark Your Calendars – New Due Dates for W-2 and 1099-MISC
The Protecting Americans from Tax Hikes (PATH) Act of 2015 also changed the due date for Forms W-2 and Forms 1099-Misc with a reportable amount in Box 7 for Non-Employee Compensation. Starting with returns related to the 2016 tax year, employers must file Form 1099-MISC and Form W-2 with the IRS on or before January 31 of the year following the calendar year to which the return relates, whether it is filed electronically or paper. Previously, the copy to the recipient was due on January 31 and 1099s and W-2s were not required to be filed with the IRS until February 28 (paper) or until March 31 (electronically).  If you do not have an amount in Box 7 or your 1099-MISC, then the old deadline remains. A 30-day extension may be requested using Form 8809.

Changes to City Tax Deadlines
Ohio House Bill 5 created more uniformity across Ohio’s many municipalities. Now all city tax returns – whether administered by Regional Income Tax Agency (RITA), Central Collection Agency (CCA), or the Independent City – are due April 15 and can be extended up to six months until October 15.

Make sure you update your calendars for these new tax due dates.  If you have any questions on the new due dates, please contact us.