Next tax season is fast approaching and with it come important changes to 2017 business tax deadlines, as a result of the highway funding extension bill signed into law by President Obama in 2015. Here is a summary of the most notable changes from our NYC CPA office:
- Business entities that are S-corps, partnerships, LLPs or multi-member LLCs(filing Form 1065) must file by March 15 (the previous deadline was April 15), or the 15th day of the third month following the end of the organization’s fiscal year. You can also file an extension for up to six months, which means your return must be filed no later than September 15, 2017.
- C-corps (filing Form 1120) must file by April 15 (previously March 15) or the 15th day of the fourth month following the end of the organization’s fiscal year. If you need and extension you can file up to five months later on September 15 (this extension date will change after 2026, when all C corporation extensions will be up to 6 months).
- The Report of Foreign Bank and Financial Accounts (FBAR) is now due April 15 (previously it was due June 30). There is a new six month extension for FBAR filings.
- W-2 and 1099 filings will change from March 31 to January 31 in 2017. These forms are still due to the recipient by January 31. However, this new deadline will significantly reduce the number of days available to make any needed changes to W-2s and 1099s, so it’s a good idea to prepare and distribute them early.
A full list of 2017 tax deadlines can be found here. If you need assistance with year-end or tax season preparation, or if you have any questions on the above changes please do not hesitate to contact our office for cpa nyc advice.