The IRS issued regulations, both temporary and final, on July 18th, 2017, updating the due dates and rules that define extensions (such as the time to file tax returns). The regulations apply to returns filed on and beyond July 20th, 2017. Much of the statutory changes were in effect from December 31st, 2017. Such changes supersede the final regulations.
In 2015, Congress passed many bills that incurred statutory changes, and those changes get summarized within these final regulations. The statements did contain provisions affecting certain things that aren’t related to or affected by the main bill. The two bills that did so were “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015” and “Protecting the Americans from Tax Hikes Act of 2015”.
If there is a case when a filing due date (for regular taxes) falls on a non-business day (such as a Sunday, Saturday, or a Public Holiday), the due date is postponed to the next business day. 2016 saw an adjustment in many of the due dates for filing because of this rule. These dates include:
- Individual and FBAR Due Date
- Form 1041 Due Date
- Partnership Extended Due Date
- Form 1041 Extended Due Date
- C Corporation Due Date
Tax Returns for 2017 that are to be Reported in 2018
W-2 Forms, submitted either electronically or by mail, are due by January 31st.
Partnership businesses are supposed to fill out Form 1065, and S Corporations are supposed to submit Form 1120S. Both of these are due on March 15th. The deadlines for these can be extended up until September 17th.
Trusts and estates must submit Form 1041. Form 1120, which has to be provided by C Corporations, must be submitted by April 17th. These can be extended up until October 1st and October 15th, respectively.
Tax-exempt organizations are due to submit the Form 990 Series by May 15th. The extended due date for this form is November 15th.
The Form 5500 Series, which is supposed to be submitted for the Employee Benefit Plan, is due on July 31st, with the extended due date being November 15th.
For the corporations and businesses that file according to Fiscal Years, the following is accurate.
Due Date (Counted after End of Fiscal or Plan Year)
S Corporations and Partnerships
The Fifteenth Day of the Third Month
The Fifteenth Day of the Fourth Month
Employee Benefit Plan
Last Day of The Seven Month
Changes That You Should Be Aware Of
- Form 1065 Filers (Partnerships) are getting a more extended extension period, which can be up to 6 months. Previously, they were able to have a five-month extension.
- Form 1041 Filers (Trusts and Estates) have a maximum extension of 5 ½ months, granting them a two week longer a limit of extensions than the threshold for previous rules.
- The Report regarding Employee Benefit Plans will be getting an automatic extension to a maximum of 3 ½ months.
- Reporting of Data on Financial and Foreign Bank Accounts will have the same due date as Individual Form 1040, with an extension of up to 6 months. The convenience provided by this change is the alignment of the Individual and FBAR filing. The penalty for failure to file a request for an extension in time can get waived by the IRS.
- The automatic extension for those filing the 990 Series (i.e., Tax Exempt Organizations) will be getting a longer extension, which will be six months rather than the former three-month automatic extension.