An eleventh-hour temporary extension of federal highway and transportation spending is partially paid for by new tax compliance requirements. The Surface Transportation and Veterans HealthCare Choice Improvement Act of 2015 (H.R. 3236) was approved by the House, 385 to 34, on July 29th and Senate on July 30th, by 91-4 margin. President Obama immediately signed the bill into law on July 31st as soon as it reached his desk to avoid any lapse in highway and transportation spending.
Return Due Dates
Under the stop-gap bill, the due date for partnerships to file the U.S. Return of Partnership Income (Form 1065) and its Schedule K-1s, Partner’s Share of Income, will move from April 15th to March 15th (or to three and a half months after the close of its tax year). This will be the same filing date as for S Corporations, Form 1120S.
The stop-gap bill also changes the filing deadline for regular C Corporations (Form 1120) from March 15th, to April 15th, or three and a half months after its tax year ends. There is one exception: For C Corporations with tax years ending on June 30th, the filing deadline will remain at two and a half months due Sept 15th until tax years beginning after December 31, 2025, when the new deadline of Oct 15th will become effective.
FBAR Reporting
The bill also aligns the FBAR (Report of Foreign Bank and Financial Accounts) due date with the due date for individual returns, moving it from June 30th to April 15th. Taxpayers will also be allowed to extend this return for six months.
These deadlines take effective for tax years beginning after December 31, 2015. This means for calendar year taxpayers the new deadlines will first apply during the 2017 filing season.
Provided by CCH
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