Tax Return Due Date Changes Starting This Year With 2016 Filings

Starting this year some filing due dates for business tax returns have changed:

The calendar year Tax Form 1065 (used for partnerships and multi-member LLC’s) will now be due on 03/15/17 whereas previously, these returns weren’t due until 4/15.

The calendar year Form 1120 (for C Corporations only) is now not due until 04/15/17 whereas previously it was due on 3/15.Form 1120S (for S Corporations) due date has not changed. It will remain due on 3/15/17.

Note however, that the due date for the extended returns of calendar year Forms 1120, 1120-S, and 1065 will continue to be 09/15/17.

As such, many practitioners are predicting higher levels of extensions for Form 1065. However, you should not assume there will be an increased risk of audit for a tax return just because it’s been extended.  There is no measurably increased risk of audit incurred from filing an extension. Conversely, nor is it less likely that the return will be examined because it was extended. The bottom line is that we as accountants simply cannot be expected to complete every businesses tax return within two and half months following the close of the year – not even close!  There are many reasons why we even deliberately choose to extend the return. One such reason is to give the business a longer time period in which to fund a company retirement plan. But, there are many other reasons why filing a tax return extension is also preferable