NEW TAX DEADLINES 2017

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New Filing due dates : Towards a more logical order Starting January 1st  2017
2017 filing season will involve new due dates with the IRS, it is the result of years of advocacy by the profession.
On July 31, 2015, President Barack Obama signed that legislation into law, making the new tax return due dates generally effective for tax years beginning after Dec. 31, 2015 (applicable to 2016 tax returns and the 2017 filing season).
The New Due Dates: Effective for 2017 Filing
– New federal due dates applicable for 2016 tax returns (2017 filing season) :

  •  March 15 – U.S. Return of Partnership Income (form 1065) (previously April 15th) – Extensions Until Sept. 15
  • April 15 – U.S. Corporation Income Tax Return (form 1020) (previously March 15th) – Extensions Until Sept. 15

– Declaration of foreign account :

  • April 15 – Report of Foreign Bank and Financial Accounts (FBAR) (Form 114) must be filed to the Department of Treasury (previously due on June 30th). An extension can only be allowed if the individual has requested a 1040.

– Additional legislative changes were made in the Protecting Americans From Tax Hikes Act and accelerated due dates for Forms W-2 and 1099 which are now due to the IRS by January 31st.

– State Tax Returns :

  •  Many states have started to enact legislation to change their due dates to conform to the new federal dates

****IMPORTANT****

2017 Filing Season

March 15 (Extensions Until Sept. 15)
  • Form 1065, U.S. Return of Partnership Income; and
  • Form 1120S, U.S. Income Tax Return for an S Corporation.

Note: This is the due date for the tax return and also for the Schedules K-1 that the entity must provide to its owners.

April 15 (Extensions Until Oct. 15, Unless Noted Below)

  • Form 1040, U.S. Individual Income Tax Return;
  • Form 1041, U.S. Income Tax Return for Estates and Trusts (extensions until Sept. 30);
  • Form 1120, U.S. Corporation Income Tax Return (extensions until Sept. 15 until 2026);
  • FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) (any late filing penalty for a first-time filer may be waived).
June 15
  • Form 1040NR, U.S. Individual Income Tax Return Non Resident