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Changes to the tax code for individuals, too

On July 31, 2015, Congress made significant changes to the tax law, as discussed in last week’s blog (https://www.cpasite.com/ready-for-more-change-to-the-tax-code/). To make the filing process flow more smoothly for shareholders and partners, the due dates for some business tax returns and extension periods were adjusted.

The 1040 due date or extension period experienced no change, but individual tax returns weren’t completely overlooked. These changes may affect you:

Form 1098 Changes

Beginning in 2017, lenders providing a Form 1098 for your mortgage will be required to disclose more information than in the past. Expect to see:

  • The outstanding principal balance at the beginning of the year
  • The origination date of your mortgage
  • The address of the property that secures the mortgage

FBAR Changes

Beginning in 2016, taxpayers with signature authorization over a foreign account will see changes to their FinCen filing:

  • The due date for filing Form 114 becomes April 15, moved up from June 30.
  • You can request a six-month extension to file.

Trust Extensions

Beginning in 2016, the extension period for a Trust tax return changes to 5½ months.

If all the changes overwhelm you, the experienced tax accountant team at Patrick & Robinson CPAs can help. Contact us at Office@CPAsite.com or 904-396-5400.

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