On July 31, 2015, President Obama signed into law the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015”. While this may not seem like an important piece of tax legislature, the small print contained some of the most important changes to tax return filing due dates in decades. These revisions include changes to both partnership and C-corporation tax return due dates and revised extended due dates for other information based filings. Below is a summary of these changes and the dates these changes will become effective.
| Form | Original Due Date | New Due Date | |
|---|---|---|---|
| Partnership | 1065 | April 15th | March 15th |
| C-Corporation | 1120 | March 15th | April 15th |
| S-Corporation | 1120-S | March 15th | March 15th |
| FinCen (FBAR) | 114 | June 30th | April 15th |
The above dates are effective for tax years beginning after December 31, 2015. Calendar year partnerships will now be allowed a six month extension of time to file their tax return, while calendar year C-Corporations will be allowed a five month extension. In addition, Form 114, which reports certain foreign financial information will now allow a six month extension of time to file, similar to the filing deadlines for individual tax returns. Partnerships with a fiscal year-end other than December 31 will now have a filing due date of 2 ½ months after the year-end; C-Corporations will now have a filing due date of 3 ½ months after the year-end, unless otherwise indicated below.
Other Changes
- Special rule for C-corporations with fiscal years ending on June 30th, the above provisions will not be effective until the 2026 tax year.
- Form 1041 will now have a maximum extension of time to file of 5 ½ months. The previous extension of time to file was five months.
- Form 5500 (Annual Report of Employee Benefit Plan) will now have a maximum extension of time to file of 3 ½ months. The previous extension of time to file was 2 ½ months.