Tax Filing Deadline Changes – 2017 Tax Filing Season
September 1, 2016
John is a partner in a limited partnership. On March 10th, he gave all of his personal tax information to his tax preparer except for the Schedule K-1 from his partnership, which was not ready yet. On April 15th, he received word that his partnership return, prepared by his partner’s tax preparer, was complete and that he should receive his mailed Schedule K-1 within 5 business days. John begrudgingly filed an extension of time to file his return due to a lack of complete information.
Sound familiar? You might ask, “Why is this such a common occurrence?”
The answer involves tax filing deadlines. Currently, the initial filing deadline for partnerships and individuals is the same — April 15th. If the partnership’s return is not filed until the very last minute, then the partners will likely have little or no time to file their individual returns without an extension.
In an effort to solve this issue, Congress passed legislation last summer that modified the due dates of several common tax returns.
The most notable changes are the following:
- Partnerships will be due on March 15th rather than April 15th
- Corporations will be due on April 15th rather than March 15th
Changes are effective for taxable years starting after December 31, 2015.
See the following link for the AICPA’s full listing of deadline changes:
Written by Samantha McCallister, CPA