Effective January 2016, due dates of FBARS and some other IRS tax returns are changing. Some dates are earlier and some allow you a little more time–here is the breakdown of what you should expect.
1. Partnership tax returns, Form 1065, will now be due March 15th with a 6 month extension available. Previously partnership tax returns were due April 15th with a 5 month extension. However, if your partnership is not on a calendar year, the return is due on the 15th day of the third month following the close of your tax year.
2. Trust tax returns, Form 1041, will still be due on April 15h, but now a 5 1/2 month extension is available.
3. C corporation tax returns, Form 1120, will now be due on April 15th, but with only a 5 month extension available. Previously C corporation tax returns were due March 15th with a 6 month extension. However, there are special rules for C corporations with fiscal years ending on June 30th. These corporations will continue to have a due date of September 15th until 2025. After that, the due date will be October 15th. For C corps with non-calendar years, the return is due on the 15th day of the fourth month following the close of the tax year.
4. S corporation tax return dates remain unchanged—March 15th or the third month following the close of the taxable year. 5. FBARs (Report on Foreign Accounts), FinCEN Form 114 are now Due April 15th with a 6 month extension available. This should be a big relief since missing this deadline can be very costly. Previously FBARs were due on June 30th with no extension available.
Other changes may apply in your situation. Contact Esquire Group to discuss these filing due dates and others that may not be listed above.