Taxpayers rejoice – after years of advocating for change, congress has finally passed legislation that modifies the deadlines of several common tax returns. The new due dates will go into effect for the 2017 Tax Filing Season (Tax year 2016). Many of our Law Firm clients will be positively affected by these changes.
The new dates have been a long time coming for taxpayers who have struggled to file accurate returns in a timely manner. Their tax advisors would often miss deadlines when forms (such as Schedules K-1,) would arrive behind schedule. The illogical flow of information not only impacted the punctuality but also the accuracy of returns. Tax advisors would often resort to using estimates because information from a flow through business was not available before the taxpayer’s income tax return was due.
With the modified dates, it is expected that owners of partnerships will be able to file their tax returns without requesting an extension. Below is a summary of the changes.
For tax years that begin after December 31, 2015, returns of calendar year
The new law also modifies the time allowed for extension of time to file for the following returns:
There may be initial pushback, but looking at the bigger picture the new filing and extension dates will improve the flow of information for both advisors and clients.
If you have questions about the new tax return due date changes, please contact one of our professionals today.
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