New Deadlines for US Tax Filings

By Scott Wentz, Managing Director, US Tax, Radius

On July 31, 2015, the US government changed tax filing due dates for the first time in more than three decades. The changes go into effect starting with 2016 US tax returns (which will be filed in calendar year 2017), including those related to partnerships, C corporations and the FinCEN Report 114 form (formerly FBAR).

A Journal of Accountancy article on the tax provisions in H.R. 3236 — the 2015 Act that contains the revised deadlines — explains that the law’s “new due dates are generally ones that the [American Institute of CPAs] and state CPA societies have been advocating for several years to create a more logical flow of information and help taxpayers and tax professionals in filing timely and accurate tax returns.” In short, the new deadlines allow preparers more time to gather required documentation, which often proved difficult or impossible under the prior deadline structure.

The chart below provides the new due dates, along with the old dates so readers can compare. Again, the new deadlines are effective next calendar year for 2016 returns. Key date changes include: partnerships and LLCs (treated as partnerships), which will now be due in March rather than April; and corporate returns, which will now be due in April rather than March.