File 2016 tax extension
Trusts will have two more weeks after receiving extended partnership and S corporation Schedules K1 to finalize their extended returns and issue their Form 1041 Schedules K1 to beneficiaries, who will have an additional two weeks to complete their personal returns. Once partnership and S corporation returns have been filed by March 15, individuals, trusts, and C corporations will have the information (K-1s) they need from their pass-through entities to file timely returns. For this reason, it is both logical and helpful to many that it be completed first. All other entities and individuals can be partners in a partnership and may need information from Schedules K1 from partnerships to complete their tax returns. If you are wondering why these changes have been implemented and how they will be helpful, continue reading below: The partnership Form 1065 is now the first return due (March 15 th). For the 2016 Forms due in 2017, returns will be due to the IRS/SSA by January 31 st, the same day they are due to the recipients.īusinesses should review accounting records now in order to verify that vendor information is complete and ready to file 1099 forms at the end of the year. W- Forms have generally been due to recipients by January 31 st and due to the IRS/SSA by February 28 th (or March 31 if filed electronically).
#FILE 2016 TAX EXTENSION SERIES#
Louisiana has not made those changes yet…stay tuned.įorms W- Series – Acceleration of Due Dates for Filing Information returns State Returns – Many states are likely to follow the above federal due date changes but may need to enact legislation in order to make those changes. An extension can be filed now to grant additional time (until October 15 th). 15 due date and can get extensions until April 15.įinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) due date has changed from June to April 15 th. 15) can get extensions to April 15 until tax years beginning after 2025; after 2025, June 30 fiscalyearend C corporations will have an Oct. June 30 fiscal yearend C corporations (returns due Sept. 15 until tax years beginning after 2025, when the extended due date will be Oct. Note: Calendaryear C corporations can get extensions until Sept. For fiscal year companies, in most cases, returns will be due on the 15th day of the fourth month after the year-end. If an extension is filed, returns are due Sept. Trust returns (Form 1041) original due date remains the same (April 15 th) however, the extended due date is now September 30 th.Ĭorporation return (Form 1120) due dates have been pushed back a month to April 15 th for calendar-year returns. If an extension is filed, the due date will be September 15 th. S Corporation return (Form 1120S) due dates remain the same…they are due on March 15 th.
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Partnership and LLC return (Form 1065) due dates have moved up a month…they are now due on March 15 th. Individual tax return (Form 1040) due date of April 15 th and extended due date of October 15 th did not change! These dates are said to be “cut in stone”! See below regarding FinCen Form 114, if applicable. The interest and penalties will seem like nothing compared to the late filing penalties.Are you ready for the new due dates for 2016 tax returns due in 2017? Recently enacted legislation has changed some due dates in order to facilitate a more logical flow of information, allowing taxpayers and preparers more ability to timely prepare and file returns. To be perfectly clear, a tax extension gives you more time to file your return, but not to pay your taxes.įile even if you don't have the money The final point I'd like to emphasize is that you should always file your return on time, or request an extension, even if you don't have the money to pay. In the previous example of a $1,000 balance that's a year late, you would owe $30 in interest and $60 in penalties, unless you get it waived. Unlike interest, the late payment penalty can be waived if you can show good cause for not paying on time. The late payment penalty is assessed in addition to interest and is 0.5% of any unpaid tax for each month or partial month it remains unpaid, up to a maximum of 25%. So, if you owe $1,000 and pay a year after the deadline, you'll owe $30 in interest.
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The IRS's interest rate can vary, and is 3% for underpayments as of the first quarter of 2016. You will owe interest on any tax not paid by the normal due date, even if you have a legitimate reason for not paying on time - such as being out of the country or some other hardship.