As of July 31, 2015, based upon the signing of a new tax law, due dates and extended due dates of certain tax returns will be changing. Only Form 1120S and Form 1040 due dates will remain the same as in the past. Generally, returns with a year end after December 31, 2015 (2016 returns) will be affected. The table below summarizes the changes:

Tax return due date changes –

  Before Law Change     After Law Changes
Form  Return Type Original Due Date   Extended Due Date    Original Due Date  Extended Due Date
 1120  Corporation  March 15  September 15  April 15  September 15
 1120S  S Corporation  March 15  September 15  March 15  September 15
 1065  Partnership  April 15  September 15  March 15  September 15
 1040  Individual  April 15  October 15  April 15  October 15
 1041  Fiduciary  April 15  September 15  April 15  September 30
 990  NonProfit  May 15  August 15 & November 15  May 15  November 15
 FinCen 114  Foreign Account Reporting  June 30  April 15  October 15
 5500  Benefit Plan  July 31  September 15 July 31  November 15

The information above is a very brief summary of the changes established in the Stop-Gap Highway Bill. We are anticipating future changes in estimated tax payment dates and state compliance with the above-mentioned due date changes. For more information regarding other law changes and clarifications, please call the tax department at Chortek LLP, 262-522-8227. We are always happy to be of assistance.

Written by Lori Heinrich | Tax Administrator
Posted in News