The filing season in 2017 will be little different than previous years. There needed to be a more logical and timely way for people to file their taxes because more and more information is being passed through different entities like partnerships and S corporations.
So, Congress passed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, also known as HR 3236. The deadlines for partnerships and S corporations, along with groups, have been shifted. There are a lot of details and specifics involved in this law, but here are some of the important points.
What’s Changing for Partnerships and S Corporations
The deadline for filing taxes for partnerships was moved up a month, from April 15 to March 15. If your partnership isn’t on the normal calendar year, then you have till the 15th day of the third month after your taxable year ends. This isn’t a change for S corporations, who still have to file by March 15th. You can still get the extension, which has been increased to 6 months for partnerships; September 15 is still the extension deadline.
Facts About the Tax Law Change
Regular C corporations will have to file their Form 1120 by April 17, the same time as personal returns
Regular corporations are now allowed a 6 month automatic extension
FBAR’s are now due by April 15 as well, and penalties will be more severe
Why File Your Taxes Alone? We’re Here!
Tax season is always full of questions, concerns, and that feeling that you might be missing something. It may be time to figure out what kind of accountant you need. The tax service professionals at Tax Services of Londonderry, NH are here to help. We ensure your tax accuracy, and want to help you understand all of the changes that might apply to you. Contact us today for answers to any of your questions. We look forward to helping you this tax season!