Corporations and partnerships will have different due dates for their income tax returns starting for the 2016 year. Here is what you need to know.
Earlier Due Dates for 2016 Partnership and LLC Returns
Partnership federal income tax returns, filed on Form 1065, had been due three and a half months after the end of the partnership tax year. For a calendar-year partnership, the filing deadline was April 15 of the following year.
Now, the Form 1065 due date has been accelerated to March 15 for calendar-year partnerships. The same deadline applies to limited liability companies (LLCs) that are treated as partnerships for federal tax purposes.
Automatic six-month extensions can be obtained (to September 15 for a calendar-year partnership or LLC) by filing Form 7004 by the new March 15 due date.
Later Due Dates for 2016 Corporate Federal Income Tax Returns
C corporation federal income tax returns, filed on Form 1120, had been due two and a half months after the end of the corporation’s taxable year (March 15 for a calendar-year corporation).
For tax years beginning after December 31, 2015, the due date is generally moved to three and a half months after the corporate year end, to April 15 for a calendar-year corporation.
Automatic five-month extensions are allowed (to September 15 for a calendar-year corporation) by filing Form 7004 by the new April 15 due date.
Note: Under a special transition rule for C corporations with fiscal years ending on June 30, the due date change will not kick in until tax years beginning after 2025. Until then, the traditional due date of September 15 for these corporations will continue to apply, with automatic seven-month extensions allowed.
The Form 1120S due date for S corporations is unchanged.
Filing due dates for S-Corporations will remain unchanged. They will continue to file by March 15, with an extension of time available until September 15.
Need Help with Compliance?
If you have questions about the new filing deadlines for tax returns or information returns, or you want to file an extension, contact your tax advisor.