The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, H.R. 3236, that was signed into law by President Obama on July 31st, among other things, modifies the due dates for a number of tax returns, requires consistent basis reporting between estates and beneficiaries, and requires that additional information to be reported on mortgage information statements.
New Filing Dates:
- FBAR – FINCEN Form 114 must be filed by April 15th instead of the current June 15th. However, taxpayers can request an extension to October 15. In addition, the IRS can waive any penalty for late filing by a first-time filer.
- Partnership and S Corporation Returns – Because partnership and S corporation taxation occurs at the owner level, those entities will now be required to file tax returns (Form 1065 / 1120S) on the same date. These returns must be filed on the 15th day of the third month after the close of the taxable year, with a six-month extended due date.
- C Corporation Returns – The deadline for filing a Form 1120 is the 15th day of the fourth month following the close of the corporation’s year. A C corporation will be allowed an automatic 6 month extension to file, except that calendar-year corporations will get a five-month extension until 2026, and corporations with a June 30 year end will get a seven month extension until 2026.
- Trust Returns – The due date for trust returns continues to be April 15th, however, the extended due date will change from September 15th to September 30th.
The new filing dates apply to tax returns for tax years beginning after December 31, 2015; however, for C corporations with fiscal years ending on June 30, the new filing dates will not apply will not apply until tax years beginning after December 31, 2025.