Tax: Significant Changes to Due Dates for Federal Tax Returns for Certain Business Entities

August 4, 2015

Significant changes to the due dates of federal tax returns for certain business entities have been made. As part of the “Surface Transportation And Veterans Health Care Choice Improvement Act Of 2015” signed into law by President Obama on July 31, 2015, effective for tax returns to be filed for tax years beginning after December 31, 2015, the due date for partnership income tax returns, which would include limited liability companies being taxed as partnerships, has been moved up to 2-1/2 months after the close of the tax year from 3-1/2 months. This generally means that a partnership (or limited liability company) with a tax year ending December 31st will be required to file its tax return by March 15th of the following year instead of April 15th, unless on extension. The due date for "C" corporation income tax returns has been moved back to 3-1/2 months after the close of the tax year from 2-1/2 months. This generally means that a "C" corporation with a tax year ending December 31st will be required to file its tax return by April 15th of the following year instead of March 15th, unless on extension. (There is a special exception for "C" corporations with tax years ending June 30th who will still be required to file their tax returns by September 15th, unless on extension, through 2025.) The due date for "S" corporation income tax returns remains unchanged at 2-1/2 months after the close of the tax year.

The State of California has not yet announced if it will be making any corresponding changes to the due dates of State income tax returns for these business entities.In addition, the due date of the Report Of Foreign Bank And Financial Accounts (commonly referred to as the "FBAR") filed with the United States Department of the Treasury has been moved up to April 15th from June 30th.
 

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