As of 7/31/15, President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (Highway Act), which includes some significant changes to longstanding tax provisions. Please note, these changes will only take effect for tax years beginning AFTER December 31, 2015 and therefore do not affect the upcoming tax season. Important changes are as follows:
- Partnership returns (Form 1065) are due March 15 instead of April 15 following the close of the calendar year (or 15th day of the third month following the close of the fiscal year)
- S Corporation returns will remain having a due date of March 15.
- Corporate returns (Form 1120) are due April 15 instead of March 15 following the close of the calendar year (or 15th day of the fourth month following the close of the fiscal year)
- Extension periods for 1065s and 1120s will both stay at September 15, even though the original due dates have changed.
- The extension period for Trusts and Estates (Form 1041) has been changed to September 30 rather than September 15.
- The FBAR return (FINCEN 114) will be due April 15 instead of June 30. It can also now be extended to October 15, whereas previously no extension was allowed.
These changes may strongly affect you, your business and your accountant/bookkeeper when they take into effect. Rest assured that we will be proactive in meeting these requirements for you. As always, if you have any questions about the new bill or would like more information, please contact us at 207-781-3445.