P.L. 114-41, the "Surface Transportation and Veterans Health Care Choice Improvement Act of 2015" includes a number of important tax provisions, including revised due dates for partnership and C corporation returns and revised extended due dates for some returns. This post provides an overview of these provisions, which may have an impact on you, your family, or your business.
For 2015 domestic corporations (including S corporations) currently must file their returns by the 15th day of the third month after the end of their tax year. Thus, corporations using the calendar year must file their returns by March 15 of the following year. The partnership return is due on the 15th day of the fourth month after the end of the partnership's tax year. Thus, partnerships using a calendar year must file their returns by April 15 of the following year. Since the due date of the partnership return is the same date as the due date for an individual tax return, individuals holding partnership interests often must file for an extension to file their returns because their Schedule K-1s may not arrive until the last minute.
Keep in mind that these important changes to the filing deadlines generally won't go into effect until the 2016 returns have to be filed. Under a special rule for C corporations with fiscal years ending on June 30, the change is deferred for ten years - it won't apply until tax years beginning after December 31, 2025.
The Form 5500 series (Annual Return/Report of Employee Benefit Plan) will have a maximum automatic extension of three and a half months (under currently law, a 2 half month period applies). The extension will end on November 15 for calendar year filers.