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11/14/2016

IRS Revises Deadlines for Business Returns & Extensions

The IRS is implementing some new tax changes for the upcoming 2016 filing year, and with it comes a revised table of filing due dates and extensions for business tax returns. These changes are specifically for Partnerships, C-Corporations, and S-Corporations.

These modifications won’t change how you file the form or how the tax return functions - just how soon you need to submit to the IRS. The filing process and any late penalties will also remain as they are now.

Current Year Filing (2015)
As it stands right now, the filing deadline for partnerships is April 15 or the 15th day of the 4th month after the tax period ends for fiscal year partnerships. If you decide to file IRS Form 7004, you can extend your deadline by five months.

C-Corporations and S-Corporations have a filing date of March 15 or the 15th day of the 3rd after the accounting period ends if you operate with a fiscal tax year. Filing the Form 7004 extension will increase your time to submit a return by six months.

S-Corporation Short Year: If your s-corporation terminates during the filing or reverts to a c-corporation, you’re required to file IRS Form 1120-S for the short year. You must submit the tax return or an extension by the same deadline of a c-corporation’s short year return.

Upcoming Filing Year (2016)
At the start of the new year, partnerships will need to file their tax return by March 15 or the 15th day of the 3rd month after the accounting period ends for fiscal tax years. Filing the extension form 7004 will now extend your deadline by a full six months.

Changes to c-corporations are to accommodate various tax years and extension lengths:
  • For calendar tax years, the filing date is April 15, and you’re eligible for a 5-month extension.
  • For fiscal tax years, the IRS deadline is the 15th day of 4th month after your tax year ends, and you can receive a 6-month extension.
  • If your c-corporation specifically ends on June 30, then you have until September 15 to file, or you can file for a 7-month extension.

The filing dates and extension periods for s-corporations will remain the same as the current tax year.

E-file Business Extension Form 7004
With ExpressExtension.com, you can request a tax extension for your particular type of business as quick and easy as possible. All you need is your company name, address, tax-ID number, and an estimate of any tax liabilities. You can have your 7004 form transmitted and approved within minutes. For even more convenience, download our FREE Express 7004 App for iOS and Android devices.

Give our U.S. - based customer support team a call for any questions or technical assistance with e-filing your business extension - we’re available at 803.514.5155, Monday through Friday from 9 a.m. to 6 p.m. EST. You can also reach us with support@ExpressExtension.com.


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