On July 31, 2015 President Obama signed into law the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015” (the Act). Below are some new tax law updates for businesses beginning Dec 31, 2015.
New Tax Law: In a major restructuring of entity return due dates.
- Both Partnerships and S corporations will need to file their tax returns by the 15th day of the 3rd month after the end of the tax year. If on calendar year? File by March 15th of the following year.
- C corporations deadline to file is the 15th day of the 4th month after the end of the year, April 15th.
- Under a special rule for C corporations with fiscal years ending on June 30, the change will not apply until the tax years beginning after Dec 31, 2025.
New Tax Law: Effective for returns for tax years beginning after December 31, 2015 directs the IRS to modify its regs to provide maximum extension for:
- Partnerships filing a Form 1065 now have a 6 month extension, was 5 months.
- Trust returns, filing a Form 1041 now have a 5 ½ month extension, was 5 months.
- Returns for organizations exempt from income tax filing Form 990 (series) will be an automatic 6 month period ending on November 15 for calendar year filers, was a 3 month period.
A constant evolving of new tax law requires the business owner to monitor the “the moving goal pole” aspect of business management and compliance. Battling a tax dispute or controversy without tax professional help is risky. No individual or business tax problem is ever too big to resolve.
Dial 1 – 8 6 6 – 2 2 6 – 6 1 0 2 for a clear and concise case file review for FREE, it is important for your potential representation understand the unique aspects of the taxpayer business practices, record keeping and business structure.