These new due dates are generally ones that the AICPA and state CPA societies have been advocating for several years to create a more logical flow of information and help taxpayers and tax professionals in filing timely and accurate tax returns. However, for C corporations with fiscal years ending on June 30, the new due dates will not apply until tax years beginning after Dec. The new due dates will apply to returns for tax years beginning after Dec. (Currently, these returns are due on the 15th day of the third month following the close of the corporation’s year.)Ĭorporations will be allowed a six-month extension, except that calendar-year corporations would get a five-month extension until 2026 and corporations with a June 30 year end would get a seven-month extension until 2026. Return of Partnership Income.įor C corporations, the new due date is the 15th day of the fourth month following the close of the corporation’s year. (Currently, these returns are due on April 15, for calendar-year partnerships.) The act directs the IRS to allow a maximum extension of six months for Forms 1065, U.S.
The act sets new due dates for partnership and C corporation returns, as well as FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), and several other IRS information returns.įor partnership returns, the new due date is March 15 (for calendar-year partnerships) and the 15th day of the third month following the close of the fiscal year (for fiscal-year partnerships). The bill modifies the due dates for several common tax returns, overrules the Supreme Court’s Home Concrete decision, requires that additional information be reported on mortgage information statements, and requires consistent basis reporting between estates and beneficiaries.
The bill was passed by the House of Representatives, 385–34, on Wednesday, and it now goes to President Barack Obama for his signature.
The short-term highway funding extension passed by the Senate on Thursday contains several important tax provisions ( H.R.
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