As you may already be aware, the federal filing dates are changing for tax year 2016. The AICPA has a chart of all the changes here.
Among them, calendar year corporation filings will be due April 15, and partnerships on March 15, essentially trading places. Also, Foreign Bank Account Reports (FBARs) will be due April 15, but they will be allowed a six-month extension. It’s good to consider how this impacts your tax preparation workflow before gearing up for tax season.
The due date change for the FBARs is a welcomed change to tax season workflow, from what I’ve seen.
The goal for the change for these K-1 entities was to allow more K-1s from partnerships and S corporations to be completed in time for the returns that receive them. Will this change be helpful? I prepare almost all individual returns, and I’ve discussed this with a few colleagues. Some gave me positive comments, and I also had a few mixed reviews. One of them thought that a bigger issue is the timing of when they see 1099s issued, compressing their season already, and that this change would mean that they would just extend more partnership returns.
State return due dates also need to be considered. Some states dates are independent of federal, and some are tied to federal automatically. The AICPA has also posted state due date tables for Partnership and Corporate returns.
You can be assured that our Intuit® ProConnect™ product experts will continue to stay abreast of any state due date changes, and take them into account, for federal and states.
I would like to know your thoughts on these changing deadlines and how they will impact your practice. Please leave a comment below!