Tax provisions included in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, P.L. 114-41 modify the due dates for several common tax returns and certain information returns (W-2 and 1099-Misc). The act set new due dates for partnership and C corporation returns as well as for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), and several other IRS information returns. The changes are effective for taxable years starting after December 31, 2015 (2016 tax returns filed in 2017).
W-2 and 1099-Misc – For Forms W-2 and certain 1099-Misc that report non-employee compensation in Box 7, the new due date to be filed with the IRS/Social Security Administration is January 31, which is the same date these informational returns have been provided to the taxpayer. The previous due date for W-2’s and 1099-Misc to be filed with the IRS/Social Security Administration was February 28 (or March 31 if filed electronically). All other Forms 1099 are due February 28 or March 31 if filed electronically.
Form 1065 Partnership Returns – For partnership returns (Form 1065), the new due date is March 15* for calendar year filers (the 15th day of the third month following the close of the fiscal year for fiscal year filers). The previous due date for partnership returns was April 15 for calendar year filers (the 15th day of the fourth month following the close of the fiscal year for fiscal year filers).
The filing due date for 1065 partnership returns on extension will remain September 15* for calendar year filers (the 15th day of the sixth month following the original due date of the 1065 partnership return for fiscal year filers).
*If the due date falls on a Saturday, Sunday, or legal holiday, the due date is the next day that isn’t a Saturday, Sunday, or legal holiday.
Form 1120 C Corporation Returns – For calendar year C corporation returns (Form 1120), the new due date is April 15*. The previous due date for C corporation returns (Form 1120) was March 15. The filing due date for calendar year 1120 C corporation returns on extension will become October 15*.
Although the Internal Revenue Code section 6081(b) provides a 5-month automatic extension period for calendar year C corporations, the IRS is granting 6-month automatic extensions under section 6081(a) instead. For more information, see the Instructions for Form 7004.
For C Corporation returns (Form 1120) with fiscal years other than June 30*, the new filing due date will be the 15th day of the fourth month following the close of the fiscal year. The previous due date was the 15th day of the third month following the close of the fiscal year for fiscal year filers. The filing due date for fiscal year C corporation (with fiscal years other than June 30) with returns on extension will be the 15th day of the sixth month following the original due date of the C corporation return.
For C Corporations returns (Form 1120) with fiscal years ending on June 30*, there is a special rule for the filing due date for the C Corporation return (Form 1120). For C Corporations with fiscal years ending on June 30, the due date for the C corporation return (Form 1120) remains September 15*. The filing due date for fiscal year C corporation ending on June 30 returns on extension will be the 15th day of the seventh month following the original due date of the C corporation return.
*If the due date falls on a Saturday, Sunday, or legal holiday, the due date is the next day that isn’t a Saturday, Sunday, or legal holiday.
Form 1120-S Corporation Returns – The due date for 1120-S Corporations has not changed. The due date remains March 15* for calendar year filers (the 15th day of the third month following the close of the fiscal year for fiscal year filers).
The filing due date for 1120-S corporation returns on extension will remain September 15* for calendar year filers (the 15th day of the sixth month following the original due date for fiscal year filers).
*If the due date falls on a Saturday, Sunday, or legal holiday, the due date is the next day that isn’t a Saturday, Sunday, or legal holiday.
Form 1041 Trust and Estate Returns – The due date for 1041 Trust and Estate returns has not changed. The due date remains April 15* for calendar year filers (the 15th day of the fourth month following the close of the fiscal year for fiscal year filers).
The filing due date for 1041 Trust and Estate returns on extension is extended to September 30* for calendar year filers (the 30th day of the fifth month following the original due date for fiscal year filers).
*If the due date falls on a Saturday, Sunday, or legal holiday, the due date is the next day that isn’t a Saturday, Sunday, or legal holiday.
990 Exempt Organizations – The due date for 990 Exempt Organization returns has not changed. The due date remains May 15* for calendar year filers (the 15th day of the fifth month following the close of the fiscal year for fiscal year filers).
The new extension date for 990 Exempt Organization returns is changed to an automatic 6 month extension, eliminating the need to process the first 90 day extension. The filing due date for 990 Exempt Organization returns on extension is November 15* for calendar year filers (the 15th day of the sixth month following the original due date for fiscal year filers).
*If the due date falls on a Saturday, Sunday, or legal holiday, the due date is the next day that isn’t a Saturday, Sunday, or legal holiday.
FinCEN Report 114 – The new due date for FinCEN Report 114 is April 15, with a maximum extension for a six-month period ending on October 15.