Tax Day 2017: Updated Tax Filing Deadlines for Your 2016 Tax Returns
Updated as of September 1, 2017: C corporations with a fiscal year ending June 30, 2017, can apply for a seven-month extension. The extension period for all other corporations remains unchanged, so that the extended due date of all C corporation returns is the fifteenth day of the tenth month after the year end.
Also, AICPA updated their state-by-state quick reference chart in March. All the links in this article have been updated to reflect the most current chart.
Updated as of February 6, 2017: Some states have chosen to change their corporate tax due dates in response to the changes the Federal government has made to its tax due dates. To see if your tax return due date has changed, check out the state-by-state quick reference chart of tax return due dates for C corporations that have a December 31 year end from the American Institute of Certified Public Accountants.
A lot of important tax filing deadlines have changed in 2017, some by as much as a month. And if you don’t know what those changes are, you could unintentionally be late filing a form or making a payment to the Internal Revenue Service (“IRS”).
Federal deadlines for filing your personal and business taxes aren’t as permanent as people think they are. Filing deadlines move around on a regular basis, because of new tax laws, weekends, and holidays including Emancipation Day, which is a legal holiday only in Washington, D.C. But the changes usually affect the deadlines by a matter of a few days. This year, some deadlines have changed by as much as a month and a half.
Tax season officially starts on January 23, 2017. That’s the day when the IRS begins accepting electronic tax returns and processing paper tax returns. For the tax deadlines you need to know that have changed for your 2016 taxes, check out this quick reference list of due dates – or download this Cherry Bekaert chart “Date Changes in the Federal Tax Calendar.”
Date Changes in the Federal Tax Calendar
January 31, 2017: Certain Forms 1096, if you report non-employee compensation in box 7 of Form 1099-MISC
The old due date for this form was February 28. The date was changed to minimize tax fraud and identity theft. Your Forms 1099-MISC are due to the IRS on January 31, if you report non-employee compensation in box 7. This is due regardless of whether or not you submit the forms to the IRS electronically.
It is important to note that due dates for other Forms 1096 and 1099 haven’t changed. Depending on the type of income being reported, the 1099s are due to the recipient on January 31 or February 15, and Forms 1096 are due to the IRS on February 28. The due date for Forms 1096 is extended until March 31 if you file them electronically. So, it’s good to double check what kind of 1099s you’re required to file and when they are due, along with their corresponding Forms 1096. Also worth noting is that Form 1099 can only be issued electronically to the recipients with their consent. Form 1096 is the transmittal form used to submit your 1099s to the IRS with.
January 31, 2017: Form W-3
This is the transmittal form for W-2s. The government and employees now all need copies of Forms W-2 by January 31. Previously, W-2s went to employees by January 31, and the W-3 could go to the IRS/SSA by February 28 if filed on paper or March 31 if filed electronically. This change is also designed to help minimize tax fraud and identity theft. Form W-3 is the transmittal form used to submit your W-2s to the IRS/SSA.
March 2, 2017: Health Coverage Information Forms 1095-B and 1095-C for recipients
This deadline used to be January 31. Because of the deadline extension, some taxpayers may receive these forms after they’ve filed their taxes. The IRS says taxpayers don’t need to wait to receive these forms before filing.
It’s important to note that the deadline for filing related Forms 1094-B, 1094-C, 1095-B and 1095-C with the IRS hasn’t changed. That deadline is still February 28 if you file by paper. The deadline is March 31 for electronic filing. NOTE: This change only applies to this year.
March 15, 2017: Partnership Form 1065 for 2016 calendar year (NOTE: For other partnerships, the return is due on the 15th day of the 3rd month following the year end)
Tax returns for calendar year partnerships used to be due on the same day as individual tax returns, April 15. Now, the date has been moved up to March 15 to match the due date for S corporations. This change is intended to ensure that individual owners receive their Schedules K-1 in advance of the due date of their tax returns. You can request a 6-month extension with Form 7004.
April 18, 2017: Individual Form 1040
Because April 15 falls on a Saturday, taxes are due on the next business day. Because Monday, April 17, is a holiday (Emancipation Day) in D.C., taxes are due on the next business day after that – April 18. You can request an extension through October 16 with Form 4868.
April 18, 2017: C corporation Form 1120 for 2016 calendar year
(NOTE: For C corporations with a fiscal year end other than June 30, the return is due on the 15th day of the 4th month following the year end. For C corporations with a fiscal year ending June 30, the return continues to be due on September 15.)
The C corporation filing date is moving from March 15 to April 15 (April 18 for 2017) for calendar year corporations. The new filing date coincides with the first quarter estimated tax payment due date for the next tax year. C corps that currently make tax return or extension payments on March 15 and first quarter estimated tax payments on April 15 will want to plan their cash flow needs to make both payments in April, beginning in 2017. Interesting note: According to the new law, the filing date for a C corp with a year-end of June 30 doesn’t change until 2026. You can request a 6-month extension with Form 7004.
April 18, 2017: Report of Foreign Bank and Financial Accounts (“FBAR”) Form FinCEN 114
The FBAR filing date is moving from June 30 to April 15 (April 18 for 2017). In order to implement the change with “minimal burden,” people who fail to meet the April 15 deadline will be granted an extension to October 15 automatically each year.
Other Tax Deadlines
Are you interested in all the different tax deadlines that come up throughout the year, including payroll and excise taxes? A full rundown of all tax deadlines can be found in the IRS 2017 tax calendar.
Other Important Information and Changes
Extension Period for Form 990
Form 990, Return of Organization Exempt From Income Tax, is still due by the 15th day of the 5th month after your organization’s accounting period ends. (For example, May 15 if your accounting period coincides with the calendar year.) What’s new is that an automatic six-month extension is now available. Previously, you could only request a 90-day extension, followed by a second 90-day extension if you needed more time.
Check State Filing Deadlines
Some state filing deadlines may be different as a result of the changes in Federal tax filing deadlines. Make sure to check if any state tax deadlines have moved.
Longer Wait for Refunds
A new law requires the IRS to hold refunds for the Earned Income Tax Credit (“EITC”) and the Additional Child Tax Credit (“ACTC”) until February 15, 2017. The IRS is telling taxpayers to set realistic expectations about when they will actually have access to their funds. Releasing and processing the funds through financial institutions can take several days. Weekends and the President’s Day holiday will also add to processing time. Some taxpayers may not have access to their funds until the week of February 27, 2017. Filing electronically will help you get your money closer to February 15. Providing your banking information may help, too, so your refund can be deposited directly to your account.
Next Action Steps
Some of these new deadlines will leave you with less time to prepare your quarterly or annual taxes. Other deadlines give you more time but could affect your cash flow if you have to make multiple payments all at one time rather than paying any balance due with your return and any estimated tax payment for the next year at different times.
For help with your short-term and long-term tax strategies, as well as help calculating and planning for payments and filing your returns, start the conversation with your local Cherry Bekaert advisor. We’re here to answer your questions and guide you forward.