Don't miss these changes to tax deadlines!

There have been several changes in due dates for some federal tax returns, which will be effective for the 2017 filing season or the 2016 tax year for calendar year-end filers. These modifications relate mostly to flow-through entities, including S corporations and partnerships that provide Schedule K-1s (partner’s/shareholder’s share of income, deductions, credits, etc.), containing investment information of partners/shareholders.

The new due dates will allow for earlier access to the K-1s, which will encourage a more efficient processing of tax returns and ideally reduce the need for extensions. Due dates related to individual tax returns or estimated tax payments will remain the same; however, one new date will take effect next year that affects individuals. 

What does this mean to you? As you gather tax documents for the coming tax season, we have compiled some suggested actions for your consideration to facilitate a smooth process.

Partnerships (Form 1065) — The due date is moved from April 15 to March 15 or the 15th day of the third month after the year-end. 

Form 1065 partnership returns that are completed by our office: Please submit related financial information before March 15, 2017 via the client portal or other appropriate method.

For Form 1065 partnership returns that are compiled by outside firms:  Provide Schedule K-1s to our office upon receipt.  If you are expecting several Schedule K-1s, they should be submitted as you receive them.

Please notify our office if you have K-1s or Forms 1065 that will be prepared by someone outside our firm and do not expect to have the financial documentation to complete the return by the deadline so we can file an extension for you.

S Corporation (Form 1120S) — No change, due dates remain March 15, allowing for preparation of Schedule K-1s as they relate to individuals and organizations  

C Corporations (Form 1120) — Due date moved from March 15 to April 15; in most cases, returns will be due on the 15th of the fourth month after the year-end. However, although the due date of these returns has been pushed back a month, we encourage clients to submit the financial information necessary to complete these returns as soon as possible.

Individuals and Businesses — Foreign Bank and Financial Accounts Report (FBAR) (Report 114) — This form is required for individuals and businesses with a financial interest in, or signature authority over, at least one financial account located outside of the United States, and the aggregate value of all foreign financial accounts exceeding $10,000 at any time during the calendar year reported.

This due date change is the most significant for individual taxpayers; forms are now due April 15 rather than June 30. However, for the first time, a six-month extension to Oct. 15 will be available.  Please include any and all information related to foreign accounts when submitting your individual, partnership or corporate tax return documentation.

We understand that adjusting to this new system can be overwhelming. Please feel free to contact our office (614-362-1992) if you have any questions or concerns related to due dates, your tax returns or any other tax or financial concern.