Your regular 1040 tax return does not change; we all still need to file by 4/15. However, in the past, if you were waiting for a K-1 from a Partnership you could find yourself waiting for that final tax document until 4/15. Partnership returns were not due until 4/15. Many a business partner have found themselves waiting for that elusive K-1 right up to the deadline. Beginning in 2017, there are more deadline changes. Forms 1065 and 1120S will be due on 3/15. This is welcomed news for many small business partners and it makes sense that the pass through returns would be due before the taxpayer returns.
Corporate Returns Deadline Changes Help Small Business
The Corporate 1120 returns are pushed back to 4/15. This can help small business owners from a cash flow perspective. This is because any tax payments would also get pushed back from 3/15 to 4/15. Finally, this also makes sense intuitively that a taxpayer (C-corp) would be due after a pass through return (1120S and 1065).
Foreign Bank and Financial Accounts Deadline Changes
One more change is the filing date for the FBAR. This is where you get to report your Swiss bank account to the Financial Crimes Enforcement Network. This deadline was 6/30. It has been moved to 4/15. HOWEVER, with a six month extension allowed so it lines up with your regular tax return filing. Once again, this is a deadline change that makes complete sense as it syncs with, and streamlines, two filing requirements.
The Deadline Changes Bad News?
The only bad news is that we will have to wait until the 2017 filing season for all these deadline changes to take place. Hey, I will take it. To be fair, there are a number of other filing requirement deadlines and extension deadlines that are changing. If you are responsible for filing anything, it would be wise to double check your filing deadlines.
Any thoughts, questions, concerns? Call Alex Franch, BS EA at our WorthTax office. He has all the answers for you. He can help you with a smooth filing and can help you meet every one of these changed deadlines. You can also learn more about us here.