Blog IRS Changes Due Dates for Tax Returns for 2016 Tax Filings
The IRS has announced changes regarding due dates for tax returns for 2016 tax filings. Highlights of the changes are below.
Revised Due Dates for Partnership and C Corporation Returns
There are new due dates for returns for tax years beginning after December 31, 2015. For calendar year taxpayers, these new due dates will be effective for 2016 returns that are due in 2017:
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The due date for Partnerships to file their return will move from April 15 to March 15 (or the 15th day or 3rd month after the end of its tax year).
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The due date for C Corporations to file their tax returns will move from March 15 to April 15 (or the 15th day of the fourth month after the end of its tax year).
*Massachusetts has yet to recognize this new deadline; we expect this to change and will keep you updated.
**For C-Corporations with fiscal years ending June 30, the new due will not apply until tax years beginning after December 31, 2025.
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The due date for S corporations to file their return remains the same. Due date is March 15 (or the 15th day of the 3rd month after the end of its tax year).
Revised Due Dates for W-2’s and 1099-Misc Forms
The IRS has also changed the filing requirements for Forms W-2 and Forms 1099-Misc used to report non-employee compensation (Box 7).
The due date for all W-2’s is January 31. In the past, employee copies were due by January 31, but the copies submitted to the Social Security administration were due February 28 for paper filings, March 31 for electronic filings.
The due date for Form 1099-Misc, if you have amounts in box 7, non-employee compensation, is January 31. If you do not have amounts in Box 7, then the deadline remains February 28 for paper filings or March 31 for electronic filings.
Revised Due Date for Filing Report of Foreign Bank and Financial Accounts (FBAR)
The due date for filing the FBAR will change from June 30 to April 15. An extension of six months until October 15 will now be allowed to file the FBAR.