Well, it is that time again! Time to get your tax returns done and filed. You may have already filed your returns – or at least gotten your information to your CPA or tax accountant. But if you have not, this is a reminder of the new due dates for business tax returns.
If you are a calendar year partnership or an LLC with more than one member that is being taxed as a partnership (Form 1065), your tax return is due March 15, 2017 instead of April 15th as in the past. You can get a 6-month extension, previously 5 months, that will give you until September 15, 2017 to file your return, but this extension needs to be filed by the March 15th due date.
If you are a Corporation or an LLC that has elected to be taxed as an “S” Corporation (Form 1120S), the business return is also due on March 15, 2017. As with the partnership return, you can file for a 6-month extension to give you until September 15, 2017 to file the business return.
Calendar year C Corporations filing a form 1120 will be due on April 15, 2017 instead of March 15th as in previous years. For fiscal year corporations, the due date is the 15th of the fourth month following the yearend. A five-month extension will be available for most C corporations until 2016. After 2016, C corporation extensions will be up to 6 months.
Returns for trusts filing Form 1041 are still due on the 15th of the fourth month following the yearend, which is April 15th for calendar year entities. Trust extensions have been changed from 5 months to 5 ½ months.
Another important due date change is for taxpayers with foreign bank accounts who have to file form FinCEN 114. The due date has changed from June 30th to April 18th. However, an extension is now available until October 15th.
Individual returns (Form 1040) are due April 18, 2017 this year. April 15th is the regular tax return due, but since April 15th is on a Saturday and the Washington, D. C. Emancipation Day is being observed on April 17th, the due date is moved to April 18th. An extension of time is available until October 15, 2017. This is an extension to file, not an extension to pay. If you do not pay what you owe by April 18th, the IRS will assess interest and penalty for the amount of tax due form April 18th until paid.
These due dates were changed to help with the flow of information to individuals and entities that need the information from partnerships or “S” corporations before they can file their returns timely and accurately.
Now that you know the new due dates, be sure you get your taxes filed timely or get the extension filed by the due date. It’s sure to make life a whole lot easier for you and your tax preparer alike!
A little more about us:
Located in West Des Moines, Iowa with a branch office in Winterset, Iowa, McGowen, Hurst, Clark & Smith, P.C. celebrates 65 years of extending excellent service to our clients, providing them with accounting, auditing, consulting and investment expertise.
Established in 1946, our staff has grown from 3 to 60 employees, making us large enough to provide our clients with a broad base of experience and resources, yet small enough to offer very personalized service—which we feel makes us stand apart from other CPA firms. In addition to the traditional services of Accounting, Tax Preparation, Audit and Business Consulting, MHC&S offers our clients specialized services including Estate Planning, Business Valuations, Cost Segregation Studies, Retirement Planning, QuickBooks Training, Financial Advisory Services, Fraud Detection and Deterrence, Business Succession Planning, Litigation Support and more.
MHC&S is a member of CPAmerica International, Inc., a national association of accounting firms offering membership to only 90 firms throughout the United States. This association offers a wide pool of additional technical expertise to the members firms, as well as continuing professional education necessary to maintain the degree of excellence which MHC&S feels is vital in today’s business environment.