As you may be aware, there have been changes in due dates for business entities’ federal tax returns and filings, which will be effective for the 2017 filing season (2016 tax year for calendar year-end filers). There is now only one due date for W-2s and 1099-MISC forms: January 31, 2017. In the past, employers had until February 28thor March 31st to submit the filings to the Social Security Administration. By changing to only one due date, the IRS hopes to combat taxpayer identity theft. There are also new due dates for certain business entities’ federal income tax returns. The new due dates will allow for earlier access to K-1s, which will encourage more efficient processing of tax returns and ideally reduce the need for extensions. Below is a summary of the due dates under the new law for calendar year businesses:
- Partnerships: March 15th; extended due date of September 15th
- S Corporations: March 15th; extended due date of September 15th
- C Corporations: April 15th; extended due date of September 15th (through year 2025, then October 15th)
- FinCEN Reports 114 (FBAR reports of foreign bank accounts): April 15th; extended due date of October 15th
The AICPA has prepared a chart that describes the income tax return filing deadline changes for all businesses.
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