Congress recently changed filing deadlines in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. Partnership returns are now due March 15 for calendar year partnerships and the 15th day of the third month following the close of the tax year for fiscal year filers, with an automatic six month extension.
C-corporation returns are now due on April 15 for calendar year corporations or the 15th day of the fourth month following the close of the corporation’s tax year, with an automatic five month extension. However, C-corporations with tax years ending June 30 will continue to have an original due date of September 15 until 2025. For tax years beginning after 2025, the original due date will be October 15.
Trusts filing Form 1041 now have a longer extension period of five and a half months. S-corporation return due dates remain unchanged.
The bill also changes the FBAR due date from June 30 following the close of the calendar year reported to April 15. However, FBAR filings may now be extended up to six months. Additionally, Congress overruled the Home Concrete & Supply decision and amended section 6501, providing that an understatement of gross income due to an overstatement of basis is an omission from gross income for purposes of the extended statute of limitations for assessment.
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