written by Olivia Tinkler

The end of July resulted in provisions for many of the 2016 tax deadlines when President Obama signed the short-term highway funding extension. These changes in due dates are effective after December 31, 2015 or for the 2016 tax year.

In quick summary, the changes are as detailed:

  • Partnership – Calendar year, due date is now March 15th
  • Partnership – Fiscal year, due date is now the 15th day of the third month following fiscal year close
  • C-Corporations – due date is now 15th day of the fourth month following the corporation’s year close
  • FinCEN Report 114 – due date is now April 15th

Please note: previous due dates for the aforementioned tax returns were April 15th, 15th day of the fourth month following close, 15th day of the third month following close, and June 30th, respectively.

The following will provide additional information regarding the due date modifications.

Partnership returns and corporation returns
The Highway Funding Bill allows for a six-month extension for certain corporations through 2026. C Corporations with a calendar year will get a five-month extension until 2026, and C Corporations with a June 30 year end will be allowed a six-month extensions until 2026.

C-Corporations
The modifications apply to returns for tax years beginning after December 31, 2015 with the exception of C-Corporations. These changes for C-Corporations with fiscal years ending on June 30 will not apply until tax years beginning after December 31, 2025.

Extensions
The allowable time for extensions for several returns has changed:

  • Form 1065: 6 month period ending on September 15 for calendar year taxpayers
  • Form 1041: 5 ½ month period ending on September 30 for calendar year taxpayers
  • Form 5500: automatic 3 ½ month period ending on November 15 for calendar year taxpayers
  • Form 990 (series): automatic 6-month period ending on November 15 for calendar year filers
  • Form 4720. 5227, 6069, 8870: automatic 6-month period beginning on the due date for filing the return
  • FinCEN Report 114: 6-month period ending on October 15

The Highway Funding Bill also includes provisions for an additional exemption for the 50 full-time employee threshold (exempt veterans), additional mortgage reporting requirements by lenders, and new information reporting requirements for those inheriting property.

Please contact The Whitlock Company if you have any questions 417-881-0145.