Remember that, starting with the filing season covering 2016 tax returns, we have new tax filing due date rules. For partnerships reporting on the calendar year, the filing deadline has moved up from April 15th to March 15th. That new tax filing due date will also apply to calendar-year S corporations and calendar-year LLCs reporting as partnerships for tax purposes. The change is intended to provide Form K-1’s to partners, members, and shareholders in advance of the individual filing deadline, which remains April 15th. (This year, because April 15, 2017, falls on a Saturday, and because Monday, April 17, 2017, is a holiday in the District of Columbia, the actual April filing due date will be April 18, 2017.)
 
For calendar-year C corporations, the filing date has shifted from March 15th to April 15th. There is a quirky exception to this new relaxed corporate filing date: for C corporations with a fiscal year end of June 30th; the filing date is still two-and-a-half months after the close of the year, creating a filing due date of September 15th for such corporations.
 
Filing extensions will still be permitted, provided that the extension requests are timely filed. Taxes must still be paid on the original, unextended due date for the return.
 
Along with these changes, a new filing deadline also applies to the FBAR (Report of Foreign Bank and Financial Accounts). The old and confusing deadline had been June 30th; the new rule coordinates FBAR filing with individual tax return filing and establishes an April 15th due date for the FBAR.

This article was originally posted in the ACBA Business Law Section’s quarterly newsletter. Interested in business law? Sign-up for our email list.