As you may remember, on July 31, 2015, former President Barack Obama signed tax legislation into law that modified tax return due dates generally effective for tax years beginning after Dec. 31, 2015 (applicable to 2016 tax returns which are filed in 2017).
The new law now makes the partnership Form 1065 due by March 15th, and moves C corporation returns to an April 18th due date, which will be helpful in ensuring we can timely file your returns.
This year the due dates for tax returns will be as follows:
With both partnership and S corporation returns now being filed by March 15th, Schedule K-1s should be received earlier, meaning additional time to file accurate and timely returns for you.
C corporations will largely benefit from the new due date of April 18th this year. Many C corporations previously needed to extend their returns because they were waiting on audited financial statements, which typically arrive by the end of March. With the changes, these C corporations may no longer need to extend their income tax return, and can timely file having a completed financial statement audit.
Please note that both S corporations and partnership s that need more time to complete their tax return will still be able to extend the returns six months, until September 15th.
As a reminder, Soukup, Bush & Associates has the ability to connect with you and your business, wherever you are. One of the easiest, safest, and most efficient methods of providing us your personal information is through using our Client Portal.
Not only can you send us your sensitive information, but we will upload any delivered tax returns, financial statements, and other projects directly to your personal portal. The Client Portal uses an encrypted connection (at the same strength as online banking!) to securely transmit data to and from your private vault. This portal will allow us to work together efficiently, while safely exchanging working documents, .pdf files, and even large files like QuickBooks and other tax documents that may exceed the capacity of your e-mail account.
If you are not currently utilizing our portal and are interested in getting set up, please give us a call at (970) 223-2727. We also have several resources on our website for the portal, including a user guide, link to the portal, and more. Check it out at www.soukupbush.com.
We hope these reminders regarding new tax due dates and the portal will assist you in making sure this filing season is stress-free and easy. Please contact us if you have any questions