United States: New 2017 Federal Tax Deadlines

As a result of federal legislation enacted in 20151, several federal tax returns and tax related forms will have different filing dates beginning in 2017. While the due date for an individual's federal tax return (Form 1040) generally remains April 15 (the 2017 due date is actually April 18, 2017),2 the due dates for filing federal tax returns of various business entities, including corporations and partnerships, have changed. Additionally, the due dates for other federal tax related forms have also changed.

Prior to the changes in the law, calendar year partnerships (including limited liability companies taxed as partnerships) were required to file federal tax returns by April 15. Many partnerships would often issue Schedules K-1 to its partners within days of the due date for the partners' individual returns.3 Because of this short time available for tax preparation, individuals and corporations often had difficulty filing accurate returns by the due date, resulting in a large number of extended and amended tax returns.

To facilitate timely federal tax return filings for owners of flow-through entities, Congress changed the due date for partnership returns (Forms 1065) to March 15 (for calendar year filers).4 The extended due date for filing Form 1065 remains September 15. These dates are the same as the due dates for filing S Corporation returns (Form 1120S). C Corporation returns (Form 1120) are now due April 15 (for calendar year filers).5 The due date for filing Form 1120 can be extended to September 15.6

In addition to the changes to due dates for partnership and corporate federal tax returns, Congress changed the filing due dates for certain information returns including Forms W-2 and Reports of Foreign Bank and Financial Accounts (FBAR). Employers must now file Forms W-2 with the Social Security Administration by January 31, the same deadline for issuing the forms to employees. Additionally, while an employer may request a 30-day extension to file Forms W-2 with the IRS, these extensions are no longer automatic, and the IRS will grant the extension only in extraordinary circumstances or catastrophe.

Congress also changed the federal filing dates for individuals and businesses that are required to make Foreign Bank and Financial Accounts filings (FBARs). Generally, any individual or entity (including single member LLCs) that own or has signatory authority over foreign accounts that in an amount exceeding $10,000 must electronically file an FBAR. Unlike any other federal tax form, the due date for these returns was previously June 30 and taxpayers were not able to get an extension to file. Now, the due date for filing the FBAR is April 15 and taxpayers can get a six-month extension.

Footnotes

[1] The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, P.L. 114-41 and the Protecting Americans From Tax Hikes (PATH) Act of 2015, P.L. 114-113.

[2] In 2017, the due date for filing Form 1040 is actually April 18 as April 15 is a Saturday and April 17 is an official holiday in the District of Columbia.

[3] If the partner was a corporation, the corporation could receive the K-1 a month after the normal due date for filing the corporation's income tax return.

[4] For fiscal year partnerships, returns are due on the 15th day of the third month after year-end. Fiscal year partnerships can get a six-month extension from that date.

[5] Corporations with a June 30 fiscal year end are due on September 15. Corporations with year-ends other than December 31 or June 30 must file their returns by the 15th day of the 4th month after year-end.

[6] For tax years beginning after December 31, 2025, the extended due date for C Corporation returns will be October 15.

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