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• #2016 extension form for 1120s how to

#2016 extension form for 1120s how to

Stick to the fast guide to do 20, steer clear of blunders along with furnish it in a timely manner: How to complete any 20 online: If you have questions about the new filing deadlines for tax returns or information returns, or you want to file an extension, contact your tax advisor.Online solutions help you to manage your record administration along with raise the efficiency of the workflows. File Form 7004 to obtain an automatic extension. The same deadline applies to limited liability companies (LLCs) that are treated as partnerships for federal tax purposes.Īutomatic six-month extensions are allowed (to September 15, adjusted for weekends and holidays, for a calendar-year partnership or LLC).

For partnership tax years beginning after December 31, 2015, the Form 1065 due date is accelerated by one month, to two and a half months after the close of the partnership’s tax year (March 15 for calendar-year partnerships). The Form 1065 due dates have also now been changed. So for a calendar-year partnership, the filing deadline was April 15 of the following year (adjusted for weekends and holidays). Until then, the traditional due date of September 15 (adjusted for weekends and holidays) for these corporations will continue to apply, with automatic seven-month extensions allowed.Įarlier Due Dates for 2016 Partnership and LLC Returnsįor many years, partnership federal income tax returns on Form 1065 have been due three and a half months after the end of the partnership tax year. Note: Under a special transition rule for C corporations with fiscal years ending on June 30, the due date change won’t kick in until tax years beginning after 2025. The Form 1120S due date for S corporations is unchanged. You must file Form 7004, “Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns,” to obtain an automatic extension. For tax years beginning after December 31, 2015, the due date is generally moved back one month to three and a half months after the close of the corporation’s tax year (to April 15, adjusted for weekends and holidays, for a calendar-year corporation).Īutomatic five-month extensions are allowed (to September 15, adjusted for weekends and holidays, for a calendar-year corporation). However, a law passed last year established new due dates for Form 1120. Form 1120 could be automatically extended for six months (through September 15, adjusted for weekends and holidays, for a calendar-year corporation). Later Due Dates for 2016 Corporate Federal Income Tax Returnsįor many years, C corporation federal income tax returns on Form 1120 were due two and a half months after the end of the corporation’s taxable year (March 15, adjusted for weekends and holidays, for a calendar-year corporation). Reducing tax refund fraud has been a priority of the federal government in recent years. Make it easier for the tax agency to verify the legitimacy of returns and properly issue refunds to taxpayers eligible to receive them.

Give the IRS more time to spot errors on tax returns.The goal of the new earlier deadline is to: The deadline to supply payee statements to recipients remains January 31 with no extensions allowed. To obtain an extension, you must file Form 8809, “Application for Extension of Time to File Information Returns,” by no later than January 31. Note: For filing 2016 Forms 1099-MISC and W-2 with the IRS and the SSA, one 30-day extension is allowed. So the deadline for filing 2016 Forms 1099-MISC and W-2 with the IRS and the SSA is January 31, 2017. The March 31 due date for electronic filings is no longer available. Starting with returns for the 2016 calendar year (which must be filed in early 2017), the due date for IRS and SSA filings is advanced to January 31 of the following year. (See “Two Laws Are Responsible for the Changes” at right.) Now, the due dates have been accelerated. Copies of these forms (called payee statements) must also be supplied to payment recipients.īefore a law passed last year, Forms 1099-MISC and W-2 were required to be filed with the IRS and the Social Security Administration (SSA) by the last day of February or by March 31 if filed electronically. Similarly, employers must report wages paid to employees on Forms W-2. When a business pays non-employee compensation aggregating to $600 or more to a single payee in a tax year, the business must file a Form 1099-MISC to report the payments to the IRS. Here’s what you need to know.Įarlier Due Dates for Forms 1099-MISC and W-2

Thanks to recent legislation, the due dates have been changed for some information returns and related statements and for some business tax returns.