Filing Deadline Changes, 2016 Year-End Tax Planning Series

November 21, 2016
Karen Ritchie

We alerted you to this last year but now the time has come. Like city traffic patterns immediately after the change to or from Daylight Savings Time, this next tax filing season may be a little chaotic. Pay attention to the changes (underlined) because some important deadlines have “sprung forward”.

Below are key deadlines for filing returns of the calendar year entities:

S Corporations

Federal Form 1120S                                          

March 15, 2017, extension to September 15

CA Form 100S

March 15, 2017, extension to September 15

   

Partnerships / LLCs Treated as Partnerships

Federal Form 1065                                               

March 15, 2017, extension to September 15

CA Form 1065/568                                               

March 15, 2017, extension to September 15

   

C Corporations / LLCs treated as corporations

Federal Form 1120                             

April 18, 2017, extension to September 15

CA Form 100          

April 18, 2017, extension to October 16

   

LLCs Treated as Disregarded Entities, Owned by Individuals

Federal, include activity on Form 1040         

April 18, 2017, extension to October 16

CA Form 568          

April 18, 2017, extension to October 16

   

LLCs Treated as Disregarded Entities, Owned by Pass-Through Entities

Federal, include activity on owner entity return

See dates above

CA Form 568          

March 15, 2017, extension to September 15

   

Trusts and Estates                                                                         

Federal Form 1041

April 18, 2017, extension to October 2 

CA Form 541                                                       

April 18, 2017, extension to October 16

   

All Businesses

Forms W-2 and W-3           

January 31, 2017

Form 1099-MISC, non-employee compensation

January 31, 2017

Form 1099-MISC, other payments 

February 28, 2017


While filing deadlines for individual income tax returns are unchanged, the due date for the electronically-filed information return to report foreign bank accounts (“FBAR”) has moved up by 2 ½ months, however, an extension is now available.

Individuals

 

Federal Form 1040                                             

April 18, 2017, extension to Oct. 16

CA Form 540                                                           

April 18, 2017, extension to Oct. 16

FinCEN Report 114 (FBAR)                                     

April 15, 2017, extension to Oct. 15


While the extensions afford some relief, keep in mind that an estimate of the tax liability must be computed and paid by the taxpayer no later than the original due date to avoid penalties. 

For Further Information
Karen Ritchie
T: (310) 566-6804
karen.ritchie@hcvt.com

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