TAX ALERT: Deadline Changes for Partnerships and Corporations
As you pull together your tax documents for the upcoming tax season, you should be aware of several changes in due dates for 2016 federal tax returns that will impact the 2017 filing season.
- Form 1065 (Return of Partnership Income) and Related Schedule K-1s. The 2016 Form 1065 for calendar-year partnerships (the vast majority of partnerships) will be due on March 15, 2017. In previous years, these returns were due on April 15 of the year following the close of the partnership’s tax year.
- Form 1120 (Corporation Income Tax Return). The 2016 Form 1120 for calendar-year corporations will be due on April 18, 2017. In previous years, these returns were due on March 15 of the year following the close of the corporation’s tax year.
- NOTE: The due date for Form 1040 (Individual Income Tax Return) and estimated payments is unchanged. The due date for Form 1120S (Income Tax Return for an S Corporation) is also unchanged.
If you are a partner in a partnership, these new deadlines mean that you may receive your Schedule K-1 (partner’s deductions, credits, etc.), containing information to complete your individual income tax return (Form 1040) earlier than in prior years. This is good news as ideally it will help reduce the need for extensions. We recommend providing your Schedule K-1s to your CPA as soon as you receive them
Although the due date has been moved from March 15 to April 18, we still recommend sending all necessary financial and other information to complete the return to your CPA as soon as possible. As you can imagine, CPAs will be extremely busy through April 18, and giving them as much time as possible to review your information helps to ensure they can give your return the time and attention it deserves.
Contact our tax specialists at Buchbinder if you have any questions about these new deadlines or need any assistance.
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