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 Type | Current Original and Extended Due Date | New 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 30 | April 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.