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Ready for more change to the tax code?

As you know, we often reach the end of the year (and sometimes the new year) waiting for government decisions that may or may not affect our tax returns. This year, Congress started early (wow—a miracle!) by changing due dates of some business tax returns.

If you’re the owner or CFO of an S-corporation, relax. Your due date remains the same – the 15th day of the third month after your business year end (March 15 for businesses operating on a calendar year).

Partners, heads up! Partnership returns will now also be due on the 15th day of the third month after your business year end.

In the good news department, though, if you must file an extension, you’ll now enjoy six extra months to file instead of five. For partnerships with a December 31 year-end, your extended due date remains September 15.

These changes affect C-corporations the most. The majority of corporate returns will now be due on the 15th day of the fourth month after year-end (April 15 for calendar-year businesses).

BUT WAIT! If your corporation’s year-end is June 30, your return will still be due September 15, until 2026.

Should you need to request an extension of time to file Form 1120, your deadline becomes more confusing:

  • C-corporations with a December 31 year-end receive a five-month extension (from April to September 15); continuing until 2026.
  • Companies with a June 30 year-end receive a seven-month extension (from September to April 15); continuing until your fiscal year beginning in 2025.
  • If your business year ends on a day other than December 31 or June 30 you get a six-month extension.

Confused yet? Don’t worry, Congress provided you some time. The changes begin with tax years that start after December 31, 2015.

If you need help staying on top of these business tax changes, the accounting team at Patrick & Robinson CPAs is here for you. Contact us at Office@CPAsite.com or 904-396-5400.

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