ATTENTION:
As you may be aware, there have been several changes in due dates for some federal tax returns, which will be effective for the 2017 filing season or the 2016 tax year. The following is a summary of the due date changes: Partnerships (Form 1065) - The due date is now March 15 (previously April 15) or the 15th day of the third month after the year-end. The extended due date remains the same, which will allow a six-month extension from the original due date. Please note: if an audit, review, or compilation is applicable to your partnership, make sure you contact your Lutz representative immediately to confirm this work is scheduled to be completed in the applicable timeframe if you wish to file your return by the new March 15th due date. S Corporation (Form 1120S) - No changes in due dates. Due date remains at March 15th for calendar year filers, allowing for preparation of Schedule K-1s as they relate to individuals and organizations. Extended due dates remain the same. C Corporations (Form 1120) - For calendar year filers, the due date is now April 15th (previously March 15th); the extended due date of September 15th remains the same. For fiscal year-end filers (other than June 30th year-end filers), returns will be due on the 15th day of the fourth month after the year end; the extended due date will now be on the 15th day of the tenth month after the year-end. For June 30th year-end filers, the due date remains at September 15th, but the extended due date will now be on April 15th. Also, please note that even though the federal due date has been pushed back a month, there are some states (ex. Arkansas, Delaware, Illinois, Massachusetts, and Wisconsin) that have not yet conformed to the federal due date for C-Corporations. Therefore, if any of these states apply to your business, the return will still need to be filed by the state's original due date that is currently in effect. Individual Income Tax Returns (Form 1040) - Due dates related to individual tax returns or estimated tax payments will remain the same. Form 1040's are due on April 15th with an extended due date of October 15th. Individuals and Businesses - Foreign Bank and Financial Accounts Report (FBAR) (Report 114) - The form is required for individuals and businesses with a financial interest in, or signature authority over, at least one financial account located outside of the United States, and the aggregate value of all foreign financial accounts exceeding $10,000 at any time during the calendar year reported. This due date change is the most significant for individual taxpayers; forms are now due April 15th rather than June 30th. However, for the first time, a six-month extension to October 15th will be available. Trust and Estate (Form 1041) - Due date remains on April 15th. The extended due date will now be on September 30th, which allows an extra 15 days from the old extended due date. Exempt Organizations (Forms 990) - Due date remains on May 15th, but now there is only one extended due date of November 15th. Filing an extension by the original due date will allow a 6-month extension through this extended date. Information Returns (i.e., W-2 and 1099s) - Form W-2 and most Forms 1099-MISC are now due to the IRS/SSA by January 31st (the same day they are due to the taxpayer.) We understand that adjusting to this new system can be overwhelming. Please feel free to contact our office (402-496-8800) if you have any questions or concerns related to due dates, your tax returns or any other tax or financial concern.Recent News & Insights
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