Several pieces of legislation signed into law during 2015
changed the due dates for certain taxpayers' Income Tax and
Information Returns effective for taxable years beginning after
December 31, 2015. The goal of these changes is to allow the IRS to
process certain returns and allow better matching capability in
advance of individuals filing their 2016 individual income tax
Form 1120 Taxpayers
The due date for taxpayers' Form 1120-U.S. Corporation
Return of Income (other than taxpayers with a June 30 year
end) is now 3 ˝ months after the end of the
corporation's taxable year. For 2016 calendar year corporate
taxpayers filing Form 1120, the due date is now April 15, 2017
(i.e. a month later than the previous due date of March 15). An
automatic five-month extension of time to file Form 1120 is
available. The extended due date for a calendar year corporation
remains September 15 until 2026 (at which time it will become
The due date for a taxpayer with a fiscal year end filing Form
1120 (except for a taxpayer with a June 30 year
end) is 3 ˝ months after the end of the
taxpayer's taxable year. Fiscal year taxpayers with a fiscal
year end, other than a June 30 year end, receive an automatic
six-month extension of time to file Form 1120.
The due date for corporate taxpayers' Form 1120 with a June
30 year end filing remains the same (September 15), 2 ˝
months after the end of the taxpayer's taxable year, until tax
years beginning after December 31, 2025, when the due date will
become October 15. A June 30 year end corporate filer receives a
7-month extension until 2026, at which time the extension period
will become 6 months.
Form 1065 Taxpayers
The due date for a taxpayer's Form 1065-U.S. Partnership
Return of Income is now 2 ˝ months after the end of the
partnership's taxable year. For 2016 calendar year taxpayers
filing Form 1065, the due date is now March 15, 2017 (before this
change the due date would have been April 15). An automatic
six-month extension of time to file is still available to taxpayers
from the original due date of the return. The extended due date
remains September 15 for calendar year partnerships. Many banks and
other taxpayers rely on information in partnership Schedules K-1 in
order to complete their tax returns, and the theory is that this
change in partnership due dates will allow them to receive this
Form 1120S Taxpayers
The original and extended due dates for taxpayers filing Form
1120S U.S Income Tax Return for an S Corporation remain
Form 1041 Taxpayers
There is no change to trust tax returns' original filing
deadlines, but extended deadlines for some are changed. To allow
trusts to more easily incorporate partnership K-1 income allocated
to them, all calendar year-end trust returns that are extended may
file as late as September 30, rather than the historical deadline
of September 15. Most non-calendar year-end trust returns that are
extended will continue to receive a 5-month extension.
Report of Foreign Bank and Financial Accounts (FBAR
The due date for all taxpayers filing 2016 FinCEN 114-Report of
Foreign Bank and Financial Account (FBAR) has changed for ALL
TAXPAYERS from June 30, 2017 to April 15, 2017. However, unlike in
the past, there is a provision for an automatic six-month extension
until October 15, 2017.
Form 1099 MISC
Taxpayers reporting amounts in Box 7 on Form 1099-MISC
(Non-Employee Compensation) must send forms to the payment
recipient and the IRS by January 31, 2017; all other 1099s follow
the usual IRS filing deadlines (February 28 if paper-filed; March
31 if filed electronically).
Expanded Form 1098 Mortgage Interest Reporting
In addition to the previous information that is required to be
included on Form 1098, effective for returns required after
December 31, 2016, the following additional information needs to be
furnished to a payor with respect to a debt secured by real
The amount of outstanding principal
on the mortgage as of the beginning of the taxable year;
The loan origination date;
The address (or other description in
cases where no address exists) of the property securing the
The purpose of these additional reporting requirements is to
allow the IRS to better determine whether the amount of interest
claimed by individual taxpayers is in excess of the dollar limits
applicable to acquisition or home equity indebtedness.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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