Business Returns Due Dates Changing

Due to recent law change, the due dates for some of the business and information returns have changed.

Hello, this is Noel Dalmacio, your ultimate CPA at lowermytaxnow.

Here’s what you need to know.

For C-corporations, the new due date will be April 15 (three and one-half months after the end of the taxable year). However, C-corporations with tax years ending on June 30 will continue to have a due date of September 15.

For partnership & LLC returns, the new due date will be March 15. Partnership returns will be allowed a six-month extension. So the extension due date will be September 15.

For S-corporations, the due date continues to be March 15. S-corporations may also request a six-month extension with the same extension due date of September 15.

Lastly, for FBAR (Form 114) re: foreign asset reporting, the new due date will be April 15 and you will be allowed to request a six-month extension up to October 15. However, you need to request an extension since it’s not automatic.

I bet you are thinking right now: “Why did they make these changes?” Honestly, the IRS got good intentions why they are changing the due dates. The goal is to line up with the business tax reality. Partnership & LLC returns were changed from April 15 to March 15 to give you time to prepare your personal returns. And that’s the same reason why the S-corporations continue to have a March 15 due date. On the other hand, for C-corporations, which are normally for bigger companies, they moved it forward to April 15 to give them additional time to prepare their returns.

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Until then, this is Noel Dalmacio, your ultimate CPA at lowermytaxnow.com.