The New Filing Deadlines for Business Entity Tax Returns

2017-filing-season-due-dates-table

Federal and California filing and extended due dates for partnerships, C corporations and S corporations are changing for the upcoming 2017 filing season (2016 tax returns). We outline the changes below. Note that we focus only on federal changes, since California either conforms to the change or has a due date that is one month later than the federal return.

Partnerships

The new tax return due date for partnerships is the 15th day of the third month following the close of the tax year. (March 15th for calendar year taxpayers). Previously, partnership returns were due by the 15th day of the fourth month.

The new extension time period for partnerships is six months (September 15th for calendar year taxpayers).

Limited Liability Companies treated as partnerships for tax purposes follow the due dates as required for partnerships.

C Corporations

C corporations are now required to file their returns by the 15th day of the fourth month. (April 15 for calendar year taxpayers). Previously, C corporation returns were due by the 15th day of the third month.

Taxpayers with a June 30 year end will have a due date of the 15th day of the third month following the close of its tax year (September 15th). This will stay in effect until December 31, 2025.

Extension periods for C corporations will be determined based on their fiscal year. Calendar year C corporations will have five-month extensions (to September 15th). C corporations with fiscal years ending on June 30 will have seven-month extensions (to March 15th), and all other C corporations will have six-month extensions.

Limited Liability Companies treated as corporations for tax purposes will follow the due dates as required for calendar year C corporations.

S Corporations

The due date for S Corporations will remain the 15th day of the third month.

Extension periods also remain the same; the extended due date will be the 15th day of the ninth month.

Foreign Information Reporting

Foreign financial reports are now due April 15th. Taxpayers (individuals and business entities) will, for the first time, be able to request a six-month extension for filing their FinCEN Report 114. The extended due date is October 15th.