The IRS has changed the filing due dates for certain tax returns beginning with tax years starting after Dec. 31, 2015 (i.e., starting with 2016 returns that are due in 2017). Because limited liability companies (LLCs) taxed as partnerships are the preferred entity type for Tennessee businesses, this change will impact many of our clients.
Partnership – Form 1065 is now due earlier
The due date for partnerships will change from the 15th day of the fourth month after the taxpayer’s year-end to the 15th day of the third month after the taxpayer’s year-end. For a calendar-year partnership, this change means the due date will move from April 15 to March 15. Six-month extensions can be granted, resulting in a September 15 extended due date for calendar-year taxpayers.
C Corporation – Form 1120
Calendar-year C Corporations will have their due date changed from March 15 to April 15, but their extended due date of September 15 will remain unchanged. For years beginning after Dec. 31, 2025, the extended due date will change to October 15.
FinCen Report 114
In previous years these reports were due on June 30 without the possibility of an extension. Beginning in 2017 (with reports for the 2016 tax year), the new due date will be April 15 and a six-month extension will be granted to October 15.
Trust and estate – Form 1041
Trust and estate tax returns will continue to be due on April 15. The extended due date will change from September 15 to September 30.
Not-for-profit – Form 990
Exempt organizations filing Form 990 will have no change to their due date, which is the 15th day of the fifth month after their year-end (May 15 for calendar-year taxpayers). They will have a simplified extension process. Instead of filing two separate 90-day extensions, only one extension will be needed in order to obtain a six-month extension (November 15 for calendar-year organizations).
Individual – Form 1040
The due date will remain the fourth month and 15 days after the taxpayer’s year-end (April 15) with a six-month extension granted (October 15).
S Corporation – Form 1120S
The due date will remain the third month and 15 days after the end of the tax year (March 15 for calendar-year taxpayers). A six-month extension is allowed, resulting in a September 15 due date for calendar-year taxpayers.
Employee Benefit Plan – Form 5500
The due date and the extended due date will remain the same.
If you have questions or concerns about the new due dates, please contact your KraftCPAs tax advisor.