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Get up to Speed: 2016 Business Tax Return Due Dates + New Estate Filing Requirements

On July 31, 2015, President Obama signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. This new law brings important changes to 2016 business tax return due dates, as well as to trust and estate filing requirements. These changes—effective for tax years after December 31, 2015—may impact you or your business. Here’s what you should know.

2016 Business Tax Return Due Date Changes

S Corporations
  • No due date changes.
Partnerships
  • Due March 15 for calendar year returns. Extended due date is Sept. 15.
C Corporations
  • Due April 15 for calendar year returns. Extended due date is Sept. 15.
  • Similarly, original due dates for fiscal year corporations other than those ending June 30 are also delayed one month. Extended due dates do not change.
  • For corporations with fiscal years ending June 30, the due date will remain Sept. 15 (until returns for taxable years beginning after Dec. 31, 2025). The extension is good for 7 months past the extended due date of April 15.
Trust fiduciaries
  • Five-and-a-half month extension allowed, putting the extended due date at Sept. 30 for calendar year returns.
Foreign bank accounts
  • Due April 15, with a maximum 6-month extension for an extended due date of Oct. 15.
  • For first-time filers, penalties for failure to file timely may be waived.
Employee benefit plans
  • An automatic 3½-month extension is allowed for an extended due date of Nov. 15 for calendar-year plans.
Exempt organization /non-profit returns
  • An automatic 6-month extension generally allowed for an extended due date of Nov. 15 for calendar-year filers.

 

Changes to Estate Filing Requirements
1. When filing for property acquired from a decedent: In general, the recipient’s basis in the property should match the value reported for estate tax purposes. This is effective for property for which an estate return is filed after July 31, 2015.
2. The executor of any estate who is required to file an estate form (Form 706) must also file a statement identifying the value of each interest in the property with the IRS, and with each beneficiary to whom property is transferred. This statement must be filed no later than 30 days following the return due date or the date the return was filed—whichever is earlier.

Remember, we’re here to help.
Not sure how these changes may affect you or your business? Feel free to give us a call anytime. We’d be happy to sort out what they mean for you.

Chris Powers, CPA, is an AEM Business Partner who specializes in helping businesses and nonprofits grow. You can reach Chris at 507.304.6828 or at christine.powers@aemcpas.com.

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