New Tax Deadlines and Extensions Signed into Legislation

August 11, 2015

On July 31, 2015, President Barack Obama signed into legislation a bill that provided new deadlines and deadline extensions for several tax filings relevant to business and individual taxpayers. Below are listed the returns affected by passage of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.

Partnership and S corporation returns (Forms 1065 and 1120S): The deadline to submit partnership and S corporation returns has been moved to March 15 for calendar-year partnerships, and the 15^th day of the third month following the close of the fiscal year for fiscal-year partnerships. The current deadline for calendar-year partnerships is April 15.

Partnership extensions will change to six months (rather than the current five months) which results in the same extended deadline as current returns. 

C corporations (Form 1120): The new tax filing deadline for C corporations is the 15th day of the fourth month following the close of the corporation’s year. The current deadline is the 15th day of the third month.

Calendar-year C corporation extensions will change to five months until 2026, which results in the same extended deadlines as current returns. C corporations that report on a fiscal year will continue to recieve a six-month extension. June 30 year-end corporations receive a 7-month extension until 2026.

The new due dates apply to all returns for tax years beginning after Dec. 31, 2015. For C corporations with fiscal years ending June 30, the new due dates apply for tax years beginning after Dec. 31, 2025.

Other extensions: A maximum extension of 5 ½ months is allowed for Form 1041, U.S. Income Tax Return for Estates and Trusts and 3 ½ months for Form 5500, Annual Return/Report of Employee Benefit Plan.

FinCEN Form 114: The deadline for FinCEN Form 114 has been changed from June 30 to April 15. Taxpayers also will be granted the option for a six-month extension.

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(Less common tax filings have also been affected including six-month extensions for Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code; Form 5227, Split-Interest Trust Information Return; Form 6069, Return of Excise Tax on Excess Contributions to Black Lung Benefit Trust Under Section 4953 and Computation of Section 192 Deduction; Form 8870, Information Return for Transfers Associated With Certain Personal Benefit Contracts; and Form 3520-A, Annual Information Return of a Foreign Trust With a U.S. Owner.

The due date for Form 3520, Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, will be April 15 for calendar-year filers, with a maximum six-month extension.)