This is absurd!

So partnership and Fincen would all have their dates moved up?  Just what we need.

Bill changing return due dates awaits the President's signature (7-31-15)

H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (The Act), which changes the due dates for partnership and corporate tax returns, as well as FinCEN Form 114 (FBAR) filings, has been sent to President Obama for his signature.

The Act makes the following return due date changes for taxable years beginning after December 31, 2015:

  • Partnership returns will be due on the 15th day of the third month following the close of the taxable year (March 15 for calendar-year partnerships);
  • C corporation returns will be due on the 15th day of the fourth month following the close of the taxable year (April 15 for calendar-year corporations). However, S corporation returns will continue to be due on the 15 day of the third month following the close of the taxable year;
    • C corporations with tax years ending on June 30 will continue to have a due date of September 15 until taxable years beginning after December 31, 2025 (2025 is not a typo). For years beginning after 2025, the due date for these returns will be extended to October 15;
  • The due date for FinCEN Form 114 (FBAR) is changed from June 30 to April 15, and taxpayers will now be allowed a six-month extension; and
  • The Act directs the IRS to make regulatory changes to a number of other extension deadlines, so there will be additional changes coming.

California will not automatically conform to any of these due date changes, so separate legislation will be required to change the California due dates for these returns.

The Act also makes these changes:

  • Mortgage interest statements will be required to include the amount of outstanding principal, the loan origination date, and the property's address. This change applies to mortgage interest statements issues after December 31, 2016; and
  • IRC §1014 is amended to mandate that taxpayers inheriting property may not treat the property as having higher basis that that reported by the estate for estate tax purposes, and a new IRC §6035 requires estates that file an estate tax return to issue payee statements listing the value of the property listed on the estate tax return to all persons inheriting property from the estate. These changes apply to estates with estate tax returns filed after the date of enactment.


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