Not being aware of deadlines or changes in deadlines when it comes to filing tax returns and related forms (along with their respective payments) can further increase tax expense due to penalties and interest payable in case of late filing or late payment. Additionally, preparing for your taxes early not only keeps you ahead, but also provides your tax preparer with additional time to prepare an optimized and complete tax return.
The Internal Revenue Service (IRS) recently changed the deadline of several important tax forms. These new deadlines will go into effect starting in the 2016 tax year and going forward (effective for tax returns with tax years beginning after Dec. 31, 2015). Here is a list of the deadlines for some of the common forms to be filed by taxpayers, both individuals and corporations.
| IRS Form Type | Current Deadline | Updated Deadline | Extended Deadline |
|---|---|---|---|
| Individual Tax Form 1040 | 15th April | No change | 15th October |
| FinCEN Form 114 (FBAR) | 30th June | 15th April | 15th October (new) |
| Form 3520-A | 15th March | No change | 15th September |
| Information Returns (W2, 1099, etc.) | 28th February 31st March (electronic filing) |
31st January (W-2 & 1099 with Box 7)
31st March (1099, no Box 7) |
N/A |
| Employee Benefits Plan Form 5500 | 31st July | No change | 15th October (old)
15th November (new) |
| Partnership Form 1065 | 15th April | 15th March | 15th September |
| S-Corp. Form 1120S | 15th March | No change | 15th September |
| C-Corp. Form 1120 (year-ends except June 30) | 15th March | 15th April | 15th Sep (until Dec 2025)
15th Oct (after Dec 2025) |
| C-Corp. Form 1120 (June 30 year-end) | 15th September | 15th Sep (until Dec 2025)
15th Oct (after Dec 2025) |
15th March (old)
15th April (new) |
| Form 990: Exempt Organizations | 15th May | No change | 15th August* (old) 15th November (new) |
| Form 1041 Trust & Estate | 15th April | No change | 15th September (old)
30th September (new) |
*The new six-month extension eliminates the need to file an additional August 15th 90 day extension
AG Tax LLP Can Help
If you have any questions regarding the above mentioned topic, or any other tax-related queries, or need assistance with tax planning or filing please contact AG Tax. Our tax professionals are highly-experienced with U.S. and Canadian tax laws and can provide you the right guidance to handle your tax situation.
Aylett Grant Tax LLP is a full service accounting firm with a dedicated team of experts, who are highly-qualified and experienced in handling situations related to U.S., Canadian, and other international tax laws.
We can assist with:
• Canadian Personal and Corporate tax returns
• Cross Border Taxation and Business Planning
• U.S. Personal and Corporate Taxation
• Disclosure of Foreign Assets and other information filings
• Retirement planning
• Estate Planning, Inheritance tax advice
Disclaimer: The information in this publication is accurate as of the time of its publication. AG Tax assumes no responsibility for changes to tax legislation subsequent to the publication of this document. The information provided is for general information purposes only and should not be acted upon without seeking professional advice. If you would like to engage our services, please contact our staff and obtain authorization to send our firm confidential information. A client relationship is not created by the transmission of information. A client relationship is only formed with our firm when a scope and engagement letter signed by the firm and the potential client detailing the terms of engagement is present.
