If you file a tax return for a business, the IRS is changing when you need to file your return. For tax years beginning after December 31, 2015, the changes are as follows
- Corporation – Form 1120
Previously due March 15, changing to April 15
- S Corporation – Form 1120S
Due date will continue to be March 15
- Partnership – Form 1065
Previously due April 15, changing to March 15
- The due date for all of these returns that file extensions will continue to be September 15.
This change was included in the highway bill that was recently passed by Congress and signed into law by President Obama. We believe this provision was added to this bill to have all entities that provide information to owners (partnerships and S corporations) on a Schedule K-1 filing on the same date. It also allows corporate entities filing Form 1120 an additional month before paying tax owing with a return.
For most taxpayers, this change will take effect with their calendar year 2016 returns. 2015 returns will continue to use the due dates from previous years.
We’re happy to discuss these changes with you. Please let us know if you have questions.