Pay Attention To These New Business Tax Deadlines
March 13, 2017 : Eli Colmenero – The Tax Institute
As your personal income tax filing deadline draws nearer (Tues., April 18), if you are a business owner you may have additional deadlines on your mind. Pay attention! This year brings many tax changes, including some changes to business tax deadlines.
The changes impact C corporations and Partnerships for the tax year 2016. If you own an interest in a C corporation or Partnership, this may even impact how you prepare your individual tax return.
Here are the new rules…
Form 1120 – C Corporations:
The new filing deadline is, 3.5 months after the end of the C corporation’s taxable year. If a corporation is using a calendar year, the Form 1120 due date is April 15, 2017 — one month later than the former due date of March 15.
The extension date for a C corporation using a calendar year remains Sept. 15. Fiscal-year corporations with a year end other than June 30 get an automatic six-month extension to file their Form 1120.
A C corporation who has adopted a fiscal tax year that ends June 30 must file their return 2.5 months after the ends of its tax year.
Note: The return due date for S corporations remains March 15.
Form 1065 – Partnership Return:
The new filing deadline is 2.5 months after the end of the Partnership’s tax year. If a partnership is using a calendar year, the Form 1065 due date is March 15, 2017. (If you file an extension, the maximum extension is six months — or Sept. 15.) This allows Partnership K-1 recipients more time to complete individual tax returns and avoids having recipients file an extension. Business flow-through entities (like Partners and S corporations) will have the same due dates.
The new tax deadlines are taxpayer friendly and will maybe save you some time by helping consolidating the time you spend preparing your 2016 small business tax returns. Keep the above business tax deadlines in mind as you prepare to get your taxes won with H&R Block.