Q: I heard the IRS changed the due dates of our tax returns this year, is that correct?
A: Actually, Congress changed the due dates by the PATH Act (Protect Americans from Tax Hikes) of 2015, but, YES, returns are due earlier. The new deadline date for returns are as follows:
- January 31st due to both the recipient & must be filed with SSA:
- W-2; Wage & Tax Statements (NEW)
- W-3; Transmittal of Wages & Tax Statements (NEW)
- 1099-Misc; Miscellaneous Income (NEW)
- March 15th or third month following the close of the year
- 1065; Partnership Returns (NEW)
- 1120S: S Corporation Returns
- April 15th or fourth month following the close of the year
- 1120; C Corporation (NEW)
- 1040; Individual Income Tax Returns
- 1040; Estate or Trust Income Tax Returns
- C Corporations with a 6/30 year end exception have a 3rd month due date
All these NEW, earlier due dates comes higher PENALTIES for being late, ranging from $50 to $260 per form, with an additional intentional disregard penalty also applying. Make sure you write down these deadline dates, and feel free to contact us if you need help preparing these returns on time.
Taxes, Investments, Business, and maybe a little more. Sandy Flom, Faribault CPA.