2017 – Year of New Filing Deadlines

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It may come as a surprise to both individual and business taxpayers that starting in 2017 (2016 tax reporting year) several of the federal tax filing deadlines will be changed. Don’t worry the IRS has not decided to change the April 15^th deadline, that one is safe! However, many others changes are in store. Oddly enough, changes were mandated as part of The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, which included a two year grace period. As 2017 quickly approaches, it’s important to be aware of the changes to ensure timely compliance. Although most changes impact only due dates or the time of year filings need to be made, there are also modifications to extensions. To help clients, prospects and others learn about the new tax filing dates, Wilson Lewis has provided a summary of the changes below.

2017 Filing Deadline Changes

• Form 1099 & W-2’s –. Under existing regulations, companies have until January 31^st to send these forms to employees and contractors. However, they also had until March 31^st to electronically file the same forms with the IRS. In 2017, companies will be required to submit electronic copies to the IRS no later than January 31^st. For those that miss the deadline, there may be significant penalties, including a $250 fine for late filings (assuming intentional disregard).
• Partnership Returns – Under existing regulations, IRS Form 1065 is due on April 15th. However, starting in 2017, the filing deadline changes to March 15^th to allow individual taxpayers to receive essential tax information reported on the K-1.
• C-Corporation Returns – Starting 2017, C-Corporations will have an extra month to complete and submit their income tax filing with the IRS. The new due date is shifted from March 15^th to April 15^th for companies with a calendar year end. Those who have an off calendar year end will have until the 15^th day of the fourth month after the close of the fiscal year
• Report of Foreign Bank & Financial Accounts (FBAR) – This change impacts taxpayers who have a foreign financial account with a balance of over $10,000 (in a single account) at any time during the year. Under current regulations, these filings are due on June 30^th. However, starting in 2017, taxpayers need to file this form with the IRS no later than April 15^th. The good news is that an automatic extension until October 15^th is now available, whereas current rules do not allow an extension.
• IRS Form 990 – Starting in 2017, these nonprofit returns can be automatically extended for six months. Under existing regulations, tax-exempt organizations would receive an automatic extension of three months and then be required to request an additional extension of three months if needed.
• IRS Form 5500 – Benefit plan administrators will be pleased to learn that the IRS will allow an automatic 3 ½ months extension period ending on November 15^th for plans with a calendar year end.

Contact Us

The number of changes coming next year will mean both companies and individuals need to accelerate their issuance, reporting and filing processes for several tax-related documents and returns. If you have a question about the new deadlines or need assistance with tax planning or compliance, Wilson Lewis can help. For additional information, please call us at 770-476-1004, or click here to contact us. We look forward to speaking with you soon.