Parnership & C-Corporation Reminder: Tax Return Filing Date Changes
Beginning with fiscal years ending after December 31, 2015 (the 2016 tax season), the filing deadlines have changed, which is good news. The changes are a result of years of activism by tax preparers. The new deadlines create more logical flow for businesses with pass-through income. However, beware these changes are imbedded in a law that gives the Internal Revenue Service (IRS) an increased audit period. The audit period goes from three to six years in many cases.
As a reminder, the 2016 tax return filing deadlines are:
*A special rule for C Corporations with fiscal years that end on June 30 delays the change until December 31, 2025 – a full ten years. These C Corporations will continue to have a September 15 filing date (and an extension date of February 15th).
If you have any questions regarding the new tax filing deadlines and how they may affect your benefit plans, please contact your Nyhart advisor.
This article was last updated on February 9, 2017