By Scott Cosentine, CPA, CAMS, CGMA
In an effort to align workflow timing, the Internal Revenue Service (“IRS”) has accelerated the tax return deadline for pass-through entities (i.e. Partnerships and S-Corps) to March 15th beginning with the 2016 calendar year. In theory, it should decrease the need for individuals to extend their tax return filings due to a lack of receiving K-1s. Results are TBD, but many anticipate the impact to be just more extensions being filed at the entity level and then everything will continue on the same timeline as in previous years. In either case, be prepared to act by the March 15th deadline.
Many states have also mirrored the Federal deadlines, while others are still undecided. Below is a brief recap of the new federal tax return deadlines:
- January 19, 2017: Tax season opens up, as the IRS will begin processing tax returns electronically-filed and paper-filed
- January 31, 2017: Deadline to mail out Form W-2 and most Forms 1099-Misc due, which is the same date they are due to the taxpayers
- February 28, 2017: Deadline for financial institutions to mail out Form 1099-B, relating to sales of stock, bonds or mutual funds through a brokerage account; Form 1099-S, relating to real estate transactions
- March 15, 2017: Deadline to file Partnership and S corporation information returns are due, providing investor Schedule K-1 information to their partners and shareholders before the investors’ returns are due, and to request for an extension.
- April 15, 2017: Deadline to file tax returns for calendar-year Corporations, Individuals, Trusts and Estates, and FBAR
- May 15, 2017: Deadline to file Exempt Organizations
- September 15, 2017: The extended due date for Partnerships
- September 30, 2017: The extended due date for Trusts and Estates
- October 15, 2017: The extended due date for Individuals, FBARs, and C-Corporation
- November 15, 2017: New extension for Exempt Organizations
Should you have any questions or concerns regarding your specific circumstances, please reach out to our Ashland Partners’ tax professionals.