The IRS has revised deadlines for 2016 tax year filings

In 2015, President Obama signed into law the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.” The new law includes revised due dates for many business and fiduciary tax returns as well as a change to the filing deadlines for foreign bank disclosure forms. These new deadlines go into effect for the 2016 tax year.

The new deadlines are as follows:

Tax year 2016 and beyond

Original due date

Extended due date

C Corporations
4/15
9/15
S Corporations
3/15
9/15
Partnerships
3/15
9/15
Estates & Trusts
4/15
9/30
Form 5500
7/31
10/15
FBARS
4/15
10/15
Individuals (No Change)
4/15
10/15

*Red items reflect new due dates.

Some additional changes in 2017 for the tax year ended December 31, 2016 and beyond:

W-2’s are now due to employees as of January 31 whether you file using paper forms or electronically. The new January 31 deadline also applies to 1099-Misc and reporting amounts in Box 7: Nonemployee Compensation. If you don’t have amounts in Box 7, then the deadline remains February 28 for paper filings or March 31 for electronic filings.

If you would like more details about these changes or any other aspect of the new law, please do not hesitate to call our office, 781.449.5825.