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Form 8 Extended Due Date 8 How Will Form 8 Extended Due Date 8 Be In The Future

This accomplished summer Congress passed, and President Barack Obama afterwards signed, legislation that adapted the due dates for several accepted tax returns. The due date legislation, which was a acquirement accouterment of a artery bill (Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, P.L. 114-41), applies to the 2017 filing division (2016 tax returns).

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Congress anesthetized the much-needed legislation at a time back abounding practitioners could acknowledge its approaching impact—a bald six weeks afore the crisis of the Sept. 15 addendum deadline. A blueprint of the new dates can be begin here.

Let’s appraise why the tax acknowledgment due date change was bare and what it agency for practitioners.

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Why the changes were needed

The AICPA has been advocating for changes to assorted tax acknowledgment due dates back 2006. That’s back associates started delivery apropos that taxpayers and preparers were disturbing with due date problems. Specifically, problems were created back flowthrough entities’ Schedules K-1, Partner’s [or Shareholder’s] Share of Income, Deductions, Credits, etc., absolute advance advice provided by partnerships and S corporations, accustomed late. Sometimes these Schedules K-1 accustomed aural canicule (before or after) of the continued due date of their partners’/owners’ claimed allotment (Oct. 15), and sometimes they accustomed up to a ages afterwards the continued due date of their partners’/owners’ business allotment (Sept. 15). 

Late Schedules K-1 fabricated it difficult, if not impossible, to book a timely, authentic return. Often, practitioners were affected to use estimates to book final Forms 1040, U.S. Alone Tax Return, because affiliation tax allotment were due the aforementioned day (and bare to use estimates in filing final Forms 1120, U.S. Association Assets Tax Return, due a ages above-mentioned to the affiliation due date). The AICPA Tax Division begin that abundant of the affair accompanying to backward Schedules K-1 were a aftereffect of the accretion abundance and complication of flowthrough entities. The alternation of business entities and those that own them accepted a added analytic breeze of advice amid parties. 

Why the new due dates are helpful

The new law, which has the Form 1065, U.S. Acknowledgment of Affiliation Income, as the aboriginal tax acknowledgment due, is both analytic and accessible to abounding types of entities. That’s because all added entities and individuals can be ally in a affiliation and may charge (and will accept starting in the 2017 filing season) advice from Schedules K-1 from affiliation investments in adjustment to appropriate and accurately complete their tax returns.  Note that practitioners and partnerships that still charge time to complete the alertness of the affiliation tax acknowledgment will still be able to extend the acknowledgment until Sept. 15.

Once affiliation and S association allotment accept been filed by March 15, and owners accept accustomed their Schedules K-1, individuals, trusts, and C corporations will accept the advice they charge from their passthrough article investments to book authentic and appropriate returns. Trusts will accept two added weeks afterwards accepting continued affiliation and S association Schedules K-1 to complete their continued tax allotment and affair their continued Form 1041, U.S. Assets Tax Acknowledgment for Estates and Trusts, and Schedules K-1 to beneficiaries, who will accept an added two weeks to complete their continued claimed returns. Taxpayers with adopted accounts will accept all the advice bare to complete FinCEN Form 114, Report of Adopted Coffer and Banking Accounts (FBAR), at the aforementioned time as the alone tax acknowledgment (April 15, and can be continued until Oct. 15). 

C corporations will abundantly account from the due date changes. Calendar-year C corporations will get an added ages to April 15 to book their allotment (with extensions to Sept. 15, alteration to Oct. 15 afterwards 2025). Abounding C corporations ahead bare to extend their allotment because they were cat-and-mouse on audited banking statements, which about access by the end of March. These corporations may no best charge to extend the assets tax return, filing by the new aboriginal due date of April 15 (or the 15th day of the fourth ages afterward the abutting of the tax year for best fiscal-year corporations). Note that the due dates for estimated tax payments do not change.

What it agency for practitioners and taxpayers

Workload compression was a above consideration for the member-driven AICPA Tax Division in alive toward a added analytic breeze of advice amid burdened entities. In developing our ultimate proposal, we surveyed added than 30,000 AICPA associates and formed carefully with a assignment force and several abstruse ability panels as able-bodied as abounding accompaniment societies. In the end, it became bright that based on authoritative constraints of the IRS, a absolute band-aid (for all practitioners and taxpayers) would not be possible; however, taken as a whole, the AICPA thinks that the new law is bigger than the prior-law due dates.   

As the AICPA developed the aldermanic proposal, we accomplished that a due date change to accomplish best of the adapted outcomes would beggarly beneath deadlines for some entities and continued due dates for others.  Some associates may acquaintance “growing pains” as they assignment to retrain their audience and alter some of their centralized staffing. However, the achievement is that over a abbreviate aeon of time, CPAs and their audience will be able to acclimatize to the new filing dates and that extensions may advice practitioners antithesis all the allotment they charge to file. Overall, the new law should aftermath a added analytic breeze of advice for practitioners and clients.

For the 2017 filing division and beyond, taxpayers and practitioners should alpha to see that they accept appropriate and authentic advice bare from flowthrough entities’ Schedules K-1. Taxpayers and practitioners additionally should accept to accord with beneath estimates, extensions, and adapted returns. The tax acknowledgment alertness action should go smoother and added efficiently.

Practitioners advancing continued Form 1041 assurance and acreage assets tax allotment will acceptable the added two weeks to Sept. 30 (compared to the accepted Sept. 15 continued deadline) to complete continued Forms 1041. This delayed addendum date for trusts (and the closing Oct. 15 calendar-year accumulated extension) will additionally advice abounding practitioners in overextension the accepted Sept. 15 daydream workload of extensions. 

Taxpayers with adopted coffer accounts will be able to book their FinCEN Form 114 back they accept the all-important advice and are filing their claimed assets tax return, including, for the aboriginal time, actuality able to extend it until Oct. 15.

In accession to the bigger analytic breeze of information, practitioners who book Forms 990 will acquisition the addendum action to be simplified, eliminating the charge to book two addendum requests.

Moving forward

The tax acknowledgment due dates legislation was a above success for the profession and will account abounding taxpayers and practitioners for years to come. Abounding states are acceptable to chase the federal changes and may charge to achieve legislation to change their due dates to accommodate to the new federal dates. The AICPA Tax Division will abide to accept to, and assignment with, associates to apostle for added means to abridge and accomplish the tax arrangement bigger for taxpayers and practitioners.  

For example, we abide to apostle (as we did in April 2013, January 2014, December 2014, and September 2015) for added proposed changes accompanying to the accretion botheration of backward and adapted Forms 1099 by allowance firms, generally acute the filing of an adapted return. To advice associates who may accept questions about the anew allowable due date changes, the AICPA Tax Division has developed resources, including a blueprint of the due dates and a PowerPoint presentation and annal of the contempo chargeless appropriate Washington Tax Brief webcast captivated on Sept. 16 to added abetment and acquaint the changes for tax filing division 2017. 

Form 8 Extended Due Date 8 How Will Form 8 Extended Due Date 8 Be In The Future – form 1065 extended due date 2019
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