#Form 1120s 2016 extension form professional#

IRS Form Business Type Previous Deadline New Deadline Not only is it important to know the changes so you can prepare and file your return timely but to understand why the changes were made.

#Form 1120s 2016 extension form professional#

If you have any questions, please contact your BNN tax professional at 1. 2015, a bill was passed that changed tax filing deadlines for certain IRS forms that will impact a lot of filers. The purpose of these additional reporting requirements is to allow the IRS to better determine whether the amount of interest claimed by individual taxpayers is in excess of the dollar limits applicable to acquisition or home equity indebtedness.

The address (or other description in cases where no address exists) of the property securing the mortgage.

The amount of outstanding principal on the mortgage as of the beginning of the taxable year.

In addition to the previous information that is required to be included on Form 1098, effective for returns required after December 31, 2016, the following additional information needs to be furnished to a payor with respect to a debt secured by real property: Expanded Form 1098 mortgage interest reporting Taxpayers reporting amounts in Box 7 on Form 1099-MISC (Non-Employee Compensation) must send forms to the payment recipient and the IRS by Januall other 1099s follow the usual IRS filing deadlines (February 28 if paper-filed March 31 if filed electronically). However, unlike in the past, there is a provision for an automatic six-month extension until October 15, 2017. The due date for all taxpayers filing 2016 FinCEN 114-Report of Foreign Bank and Financial Account (FBAR) has changed for ALL TAXPAYERS from Jto April 15, 2017. Report of foreign bank and financial accounts (FBAR filers)

Most non-calendar year-end trust returns that are extended will continue to receive a 5-month extension. To allow trusts to more easily incorporate partnership K-1 income allocated to them, all calendar year-end trust returns that are extended may file as late as September 30, rather than the historical deadline of September 15. There is no change to trust tax returns’ original filing deadlines, but extended deadlines for some are changed. The original and extended due dates for taxpayers filing Form 1120S U.S Income Tax Return for an S Corporation remain unchanged. Many banks and other taxpayers rely on information in partnership Schedules K-1 in order to complete their tax returns, and the theory is that this change in partnership due dates will allow them to receive this information sooner. The extended due date remains September 15 for calendar year partnerships.

An automatic six-month extension of time to file is still available to taxpayers from the original due date of the return. For 2016 calendar year taxpayers filing Form 1065, the due date is now Ma(before this change the due date would have been April 15). Partnership Return of Income is now 2 ½ months after the end of the partnership’s taxable year. The due date for a taxpayer’s Form 1065-U.S. A June 30 year end corporate filer receives a 7-month extension until 2026, at which time the extension period will become 6 months. The due date for corporate taxpayers’ Form 1120 with a June 30 year end filing remains the same (September 15), 2 ½ months after the end of the taxpayer’s taxable year, until tax years beginning after December 31, 2025, when the due date will become October 15. Fiscal year taxpayers with a fiscal year end, other than a June 30 year end, receive an automatic six-month extension of time to file Form 1120. The due date for a taxpayer with a fiscal year end filing Form 1120 ( except for a taxpayer with a June 30 year end) is 3 ½ months after the end of the taxpayer’s taxable year. The extended due date for a calendar year corporation remains September 15 until 2026 (at which time it will become October 15). An automatic five-month extension of time to file Form 1120 is available. a month later than the previous due date of March 15). For 2016 calendar year corporate taxpayers filing Form 1120, the due date is now Ap(i.e. Corporation Return of Income (other than taxpayers with a June 30 year end) is now 3 ½ months after the end of the corporation’s taxable year. The due date for taxpayers’ Form 1120-U.S. The goal of these changes is to allow the IRS to process certain returns and allow better matching capability in advance of individuals filing their 2016 individual income tax returns. Several pieces of legislation signed into law during 2015 changed the due dates for certain taxpayers’ Income Tax and Information Returns effective for taxable years beginning after December 31, 2015.