On July 31st, H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, was signed into law. This has caused major changes to important tax filing deadlines. These changes will affect broad categories of taxpayers for tax years beginning after December 31, 2015.
Here is one of the major changes that you need to be aware of:
New Corporation and Partnership Filing Deadlines
This bill changes the due dates for partnership tax returns. This includes tax returns filed by LLCs that are taxed as partnerships. The new due date for these filers is the 15th day of the third month following the close of the entity’s tax year. [i] This accelerates the due date for these returns by one month, to March 15th for calendar year taxpayers. The extension available to partnerships has also been extended to six months, [ii] which will keep the extended due date the same, September 15th for calendar year filers.
This bill also changes the due dates for C corporation tax returns. This also includes tax returns filed by LLCs that are taxed as corporations. The new due date for these filers is the 15th day of the fourth month following the close of the entity’s tax year. [iii] This will delay the filing of these returns for one month, to April 15th for calendar year taxpayers. The extension available to these filers has also been shortened to five months, [iv] keeping the extended due date the same, September 15th for calendar year filers.
If you have a corporation with a fiscal year ending on June 30th, the changes outlined in this bill will not affect your entity until after December 31, 2025[v].
There is no change to the filing deadlines for S corporations.
[i] Id., Sec. 2006(a)(1)
[ii] Id., Sec. 2006(a)(2)(b)(1)
[iii] Id., Sec. 2006(a)(2)
[iv] Id., Sec. 2006(a)(2)(c)(1)(B)
[v] Id.
Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Pub. L. No. 114-41,https://www.congress.gov/bill/114th-congress/house-bill/3236/text
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