Change in Deadlines

As the fury of filing deadlines slip away and the office begins settling into a slower pace there is only one logical thing to think about; next year’s filing deadlines. I know this may not be the most exciting thing to focus on, however there are a few changes for next year that should be noted now when taxes are still on our minds. If you file a Partnership, Report of Foreign Bank and Financial Accounts (FBAR), or C Corporation return filing deadlines have changed.

The 2016 tax year has the potential to catch many Partnerships off guard by changing the due dates from April 15th to March 15th. If partnerships are unable to assembly everything needed by this earlier date a six month extension will be available. To avoid any penalties be sure to mark your calendars now, talk with your CPA and be sure returns or extensions are submitted by the new due date.

FBAR returns have also been changed; going from June 30th to April 18th. A six month extension will be available. If you miss the deadline and you are a first time offender we may be able to abate any penalties, the IRS has been authorized to waive penalties for these individuals. This is by no means a reason to purposely ignore the deadline or put off filling an extension. Every attempt should be made to file in a timely matter instead of relying on the IRS to be kind hearted.

For 2016 C Corporations have been given an extra month to file their returns; for this year deadlines are April, 18th.  A six month extension will also be available.

With April 15th falling on a Saturday in 2017, personal returns will be due April 18th.

Changes in filling deadlines have the possibility of catching many people off guard; including those who make every attempt to stay within the rules and regulations of the IRS. Don’t be caught off guard. Mark your calendars now to be sure to avoid a last minute rush.

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