The President signed the Surface Transportation and Veterans Healthcare Choice Improvement Act of 2015 (H.R. 3236) on July 31st. The main purpose of the bill is to extend federal highway aid and provide resource flexibility to the Department of Veterans Affairs. Included in the bill were changes to the filing deadlines for businesses.
These are the items that companies should be aware of:
Tax Return Due Dates
For years beginning AFTER December 31, 2015, (i.e. 2016 calendar tax year filers) partnership returns will now be due on March 15th as opposed to the current date of April 15th. For C Corporations, the due date will change to the 15th of the 4th month after the company’s year end. That would mean April 15th (vs. March 15th) for calendar year corporations. S Corporations would remain the 15th of the 3rd month (March 15th for calendar year).
Extensions
Along with the change to due dates, the following extension dates now have been changed. Partnerships would now be granted a 6 month extension (currently 5) to September 15th (calendar year taxpayer). Form 1041’s extension would be until September 30th. Form 5500’s extension would be 3 1/2 months, meaning a November 15th filing deadline. For any Form 990s, there would be an automatic 6 month extension (November 15th). As with the tax return due dates, these are scheduled to go into effect for tax years beginning AFTER December 31, 2015.
FinCEN Report 114 & Report of Foreign Bank and Financial Accounts
These filings typically had a due date of June 30th with no opportunity to extend. For tax years beginning after December 31, 2015, the reports are now due April 15th. However, a 6 month extension (to October 15th) would be available to filers also.
Additional Information Requirements on Form 1098
Issuers of Form 1098 will be required to report the following additional information:
- Outstanding principal at the beginning of the year
- Date the mortgage originated
- Address of the property securing the mortgage
These requirements apply to those 1098’s issued for December 31, 2016 (sent in 2017).
If you have any questions regarding this article, please contact Charlie Paolino at CPaolino@DowneyCoCPA.com or 800-849-6022.
