A new law signed in July changed the federal due dates for certain 2016 business tax returns and the annual “Report of Foreign Bank and Financial Accounts” (Form 114).
The due date for personal income tax returns was not changed.
The rules coordinate due dates between personal and business tax forms and are intended to reduce the number of extensions and amended returns that are filed each year. The revised dates will have no impact on your business’s 2015 federal income tax return. Instead, the new dates will be effective for 2016 returns.
Changes include a March 15 deadline for partnerships (Form 1065), and an April 15 deadline for the annual “Report of Foreign Bank and Financial Accounts” (Form 114) and most C corporations (Form 1120).
The law also requires additional tax reporting from executors of federal estate returns filed after July 31, 2015, and enhanced information on mortgage interest statements (Form 1098).
Please call us (757) 926-4109 for a complete list of revised due dates and other changes.