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New Filing Deadlines for Tax Year 2016

Contributor: Ehi Rajsky, Supervisor, Tax & Business Services

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It's tax filing season time again! As if trying to figure out what forms to file isn't hard enough for taxpayers, the IRS and many states have changed their official filing deadlines.

To make matters more confusing, in 2017, April 15 falls on a weekend. When a tax deadline falls on a weekend or holiday, the deadline moves to the next business date. That will be April 18 in 2017. (April 17 is a holiday in DC and Boston. Some states may not recognize this holiday. We are suggesting returns due in April be filed by April 17). For returns that will be extended, October 15 also falls on a weekend. For returns due in October, the new extended filing date will be October 16.

The due date changes were signed into law in 2015 by President Obama within an act known as the Highway Act. Changes include:

  • Partnerships: The deadline has been accelerated by one month. Partnerships will be required to file returns by the 15th day of the third month after the close of their tax year. Calendar year partnerships will have to file by March 15 and will have a maximum 6-month extension, ending on September 15 for calendar year taxpayers.
  • C Corporations: The new due date for C corporations is the 15th day of the fourth month following the close of their tax year. Special rules apply to fiscal June filers.
  • FINCEN FBAR Reports: Due by April 15 with a maximum extension ending October 15.
  • Estates and Trusts: The due date in April remains unchanged, but the maximum extension will end by September 30.

Below is a summary of the updated federal filing deadlines, and a summary of the states that have followed suit:

Federal Filing Deadlines

Entity Type

Old Filing Date

2017 Filing Date

Individuals - Form 1040

4/15

4/17

FinCEN - Form 114*

6/30

4/17

Partnerships - Form 1065*

4/15

3/15

Corporation – Form 1120*

3/15

4/17

S. Corporation -  Form 1120S

3/15

3/15

Fiduciary – Form 1041

4/15

4/17

Exempt Organization - Form 990

5/15

5/15

*The filing deadlines for these entity types have been changed for tax year 2016. The dates noted above reflect the 2017 filing date based on weekends and holidays.

For June Fiscal year end C Corporation filers, the change in due date has been deferred until 2026.

Federal Filing Extensions

Entity Type

Old Extension Date

2017 Extended Due Date

Individuals - Form 1040

10/15

10/16

FinCEN - Form 114*

None

10/16

Partnerships - Form 1065

9/15

9/15

Corporation – Form 1120*

9/15

10/16

S. Corporation -  Form 1120S

9/15

9/15

Fiduciary – Form 1041*

9/15

9/30

Exempt Organization - Form 990*

8/15

11/15**

*The extension deadlines for these entity types have been changed for tax year 2016. The dates noted above reflect the 2017 filing date based on weekends and holidays.

**Only one extension will now be required for Form 990 filers.

State Changes

State

Entity Type

2017 Filing Date

2017 Extended Due Date

AL
GA
IL
MS
NM
NY
SC
WV

Individual
Partnership
Corporation
S. Corporation
Fiduciary

 

Same as Federal

 

Same as Federal

FL

Partnership
Corporation

4/1
5/1

10/1
10/1

OK

Individual
Partnership
Corporation
S. Corporation
Fiduciary

4/17, or 4/20 if e-filed.
4/17
5/15
5/15
4/17

10/16
10/16
10/16
10/16
9/30

OR

Individual
Partnership
Corporation
S. Corporation
Fiduciary

4/17
3/15
5/15
4/17
4/17

10/16
9/15
10/16
10/16
9/30

Should you have any questions concerning this Tax Flash, please contact your Marcum tax professional.

RESOURCES
Full details of the IRS tax calendars can be found at: https://www.irs.gov/pub/irs-pdf/p509.pdf

 
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