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Monday, December 5, 2016

New Tax Return Due Dates-Effective for 2016 Tax Returns




There are new filing deadlines applicable to tax returns for tax years beginning after December 31, 2015.

For calendar year taxpayers, these new deadlines will be effective for 2016 tax returns that are due in 2017.

Partnerships: The due date for partnerships to file Form 1065, and Schedule K-1 will move from April 15 to March 15 (or the 15th day of the 3rd month after the end of its tax year).

C Corporations: The due date for C Corporations to file Form 1120 will move from March 15 to April 15 (or the 15th day of the 4th month after the end of its tax year).

S Corporations: The due date for S Corporations to file Form 1120S, and Schedule K-1 will remain unchanged (due date will be March 15th, or the 15th day of the 3rd month after the end of its tax year).

Individuals: The due date for Individuals to file Form 1040 and Schedule C will remain unchanged (due date will be April 15th).

NOTE:

An extension of time to file a tax return IS NOT an extension of time to pay any tax due. Failure to pay tax due could result in various IRS penalties and interest charges.


This article was written by Donald M. Scherzi, CPA, CFP, LLC

Mike Lupo, SCORE Counselor

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