New Due Dates for Business Tax Returns in 2017

Sep 16, 2016 | By: Jeremiah Leppert

Due Dates Adjusted Beginning in 2017 Tax Filing Season

As part of a revenue bill that moved through Congress in 2015, some business tax returns will have a new due date starting with the 2016 tax year.

Before now, partnership returns were due on April 15th, the same as a personal income tax return, (1040). Now they will be due March 15th. The income from a partnership flows onto the partners’ 1040s. With the old due dates, the data from the partnership’s return may not have been available to the partners until the same day their 1040s were due, making it difficult or impossible to accurately prepare their returns. These changes were made to give partners time to finish their personal returns.

S Corporation returns were due March 15th and will continue with that due date.

C Corporation returns move from March 15th to April 15th. This is helpful because C Corporation income doesn’t pass through to other entities or individuals, and a C Corporation may receive pass-through income, itself.

Some information returns are being affected as well.

In the past, a W-2 was due to the IRS on February 27th, or March 31st if e-filed. This law makes all W-2s due to the IRS on the same day it is due to the employee, January 31st.

Forms 1099-MISC, which are given to vendors, are now due on January 31st if they report any nonemployee compensation in box 7; this would include fees, commissions, or awards for services performed as a nonemployee. If not, then these forms continue to be due on February 28th, or March 31st if e-filed.

These new due dates make a lot more sense, especially for those individuals and C Corporations who have to wait on pass-through income to prepare their returns. A much-needed change, for sure.

To see a chart that lays out these due dates and related extended due dates, click here:

To talk to one of our tax professionals about how these changes will affect you or your company, please call us at 503.390.7880.



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