Tax Tip Tuesday: Extension Due Date Changes

August 25, 2015

Last week I discussed a major restructuring of entity return due dates, effective generally for returns for tax years beginning after December 31, 2015 that were included in the recently passed highway bill. 

 

Here are some changes to extension due dates that were also included in the highway bill.

 

Taxpayers who can't file a tax form on time can ask the IRS for an extension to file the form. This is effective for tax returns for tax years beginning after December 31, 2015. The new law directs the IRS to modify its regulations to provide for a longer extension to file a number of forms, including the following:

 

  • Form 1065 (U.S. Return of Partnership Income) will have a maximum extension of six-months. Currently, a 5-month extension applies. The extension will end on September 15th for calendar year taxpayers.

  • Form 1041 (U.S. Income Tax Return for Estates and Trusts) will have a maximum extension of five and a half months. Currently, a 5-month extension applies. The extension will end on September 30th for calendar year taxpayers.

  • The Form 5500 series (Annual Return/Report of Employee Benefit Plan) will have a maximum automatic extension of 3.5 months. Under the current law, a 2.5 month period applies. The extension will end on November 15th for calendar year filers.

 

Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

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