Key Tax Filing Date Changes

Key Tax Filing Date Changes

2016 tax return filing deadlines are changing for some. If you have foreign bank accounts, expect to receive a Form K-1 from a partnership or LLC, or participate within a C-corporation you will need to know this information

Key Tax Filing Date Changes

There are new tax filing deadlines effective for 2016 tax returns. Here are the major changes worth noting.

Small Business Partnership and Limited Liability Corps

Small businesses that are organized as a partnership or limited liability companies filing Form 1065 must file their tax return on or before March 15, 2017. This moves the required filing date up one month versus last year.

  • Who: Partnerships and LLC’s taxed on Form 1065
  • New filing deadline: March 15th (old filing Date was April 15th)

Calendar year C-Corporations

  • Year-end C Corporation tax filing date is a month later. The old filing date of March 15th is now moved to April 15th.

Who: Year-end C Corporations

  • New filing deadline: April 15th (old filing date was March 15th)

Note: If your C Corporation is a non-calendar year filer, your deadlines may change over the next few years so please be alert to this.

Foreign bank accounts

  • Foreign bank account reporting dates are changing. Annual reporting of foreign bank accounts moves from June 30 to April 15th. This is FBAR Form 114
  • Who: Anyone with foreign financial accounts.

    New filing deadline: April 15th (old filing date was June 30th)