The IRS issued regulations, both temporary and final, on the 18th of July 2017, updating the due dates and rules that define extensions (such as the time to file tax returns). The regulations apply on returns that are filed on and beyond the 20th of July 2017. Much of the statutory changes were in effect from the 31st of December 2017. Such changes supersede the final regulations.
In 2015, Congress passed many bills that incurred statutory changes and those changes are summarized within these final regulations. The bills did contain provisions affecting certain things that aren’t related to or affected by the main bill. The two bills that did so were “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015” and “Protecting the Americans from Tax Hikes Act of 2015”.
If there is a case when a filing due date (for regular taxes) falls on a non-business day (such as a Sunday, Saturday or a Public Holiday) the due date is postponed to the next business day. 2016 saw an adjustment in many of the due dates for filing because of this rule. These dates include:
- Individual and FBAR Due Date
- Form 1041 Due Date
- Partnership Extended Due Date
- Form 1041 Extended Due Date
- C Corporation Due Date
Tax Returns for 2017 that are to be Reported in 2018
W-2 Forms, submitted either electronically or by mail, are due by January 31st.
Partnership businesses are supposed to fill out Form 1065 and S Corporations are supposed to submit Form 1120S. Both of these are due on the 15th of March. The deadlines for these can be extended up until September 17th.
Trusts and estates must submit Form 1041. And, Form 1120, which has to be submitted by C Corporations, must be submitted by the 17th of April. These can be extended up until the 1st of October and the 15th of October, respectively.
Tax exempt organizations are due to submit the Form 990 Series by the 15th of May. The extended due date for this form is the 15th of November.
The Form 5500 Series, which is supposed to be submitted for the Employee Benefit Plan, is due on the 31st of July, with the extended due date being November 15th.
For the corporations and businesses that file according to Fiscal Years, the following is accurate.
Due Date (Counted after End of Fiscal or Plan Year)
S Corporations and Partnerships
The Fifteenth Day Of the Third Month
The Fifteenth Day of the Fourth Month
Employee Benefit Plan
Last Day Of The Seven Month
It is important to check the due dates for tax returns in the states that are relevant to you because, sometimes, the due date set by individual states may differ from the federal due dates for filing.
Changes That You Should Be Aware Of1. Form 1065 Filers (Partnerships) are getting a longer extension period, which can be up to 6 months. Previously, they were able to have a 5 month extension.
2. Form 1041 Filers (Trusts and Estates) have a maximum extension of 5 ½ months, granting them a two week longer limit of extensions compared to the limit for previous rules.
3. The Report regarding Employee Benefit Plans will be getting an automatic extension to a maximum of 3 ½ months.
4. Reporting of Data on Financial and Foreign Bank Accounts will have the same due date as Individual Form 1040, with an extension of up to 6 months. The convenience provided by this change is the alignment of the Individual and FBAR filing. Moreover, the penalty for failure to file a request for an extension in time can be waived by the IRS.
5. The automatic extension for those who are filing the 990 Series (i.e. Tax Exempt Organizations) will be getting a longer extension, which will be 6 months rather than the former 3 month automatic extension.
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