On July 31, 2015, President Obama signed into law H.R. 3236, which among other things changed the due dates of some entity tax returns. The following new due dates are set to be effective for calendar year-end taxpayers starting for years ending after December 31, 2015:

  • Calendar year-end C-Corporations will now be due April 15th or 3 ½ months after their year-end;
  • C-Corps with a fiscal year-end of June 30th, will have the same 2½ month original deadline until 2026 (i.e. for years beginning after 12/31/25);
  • Partnerships will now be due March 15th or 2½ months after their year-end;
  • S-Corporations remain due March 15th or 2½ months after their year-end;
  • Foreign bank account filing (FinCEN Form 114) will now be due April 15th, but they will also now receive a 6 month extension to file until October 15th.

In addition, extended deadlines will be changing:

  • Partnerships will now have a six month extension (rather than 5 months), but remain due September 15th.
  • S-Corporations will continue to have a six month extension also due September 15th.
  • Calendar Year-End C-Corporations will be allowed a six month extension, but that won’t start until 2026 (2026 is not a typo). Until that time, the extended deadline for a calendar year-end C-Corporation will be September 15th.
  • Fiscal year-end C-Corporations will have a seven month extension of time until December 31, 2025. After that, their deadline changes to six months.
  • Trusts filing form 1041 will now have a 5 ½ month extension period ending on Sept 30th.

Other tax law changes include:

  • For years after December 31, 2016, Mortgage Interest Statements (form 1098) will now include the amount of outstanding principal, the loan origination date and property address.
  • For all estate returns filed after July 31, 2015 –
    • There is a new basis consistency standard between the fair market value reported on an estate return and the basis of property received by reason of death.
    • Similarly, there is now a requirement for an estate return to issue payee statements listing the value of property received to all persons inheriting property from the estate.

Have a Barnes Dennig tax specialist reach out to you here if you have any questions regarding any of these changes or other tax legislation.