US returns and forms – revised filing deadlines starting for the 2016 tax year
On July 31, 2015, the U.S. enacted The Surface Transportation and Veterans Health Care Choice Improvement Act, which revised the filing deadlines for certain U.S. income tax filings and foreign disclosure forms.
The new filing deadlines are effective for year-ends beginning after December 31st, 2015.
C-corporations with a June 30 year-end will continue to have the filing deadline of 2.5 months after year-end, which is September 15th, until 2025. For years beginning after 2025, the due date will revert to the 3.5 months after year-end, which would be October 15th.
One of the surprising adjustments is in regards to the FBAR. Starting in 2016, the filing deadline with be April 15th to coincide with the U.S. personal tax return. Also, for the first time, a 6-month extension will be allowed to extend the deadline to October 15th. This change is to assist taxpayers with their filing compliance, as it aligns the filing deadline for both their U.S. personal tax return and the FBAR.
Finally, the law also included measures that allowed the IRS to increase their audit period from three years to six years. This applies to tax returns filed after July 31, 2015 and to previously filed returns that are still open.
The revisions are summarized below:
| Entity | Form | Original Filing Deadline | New Filing Deadline |
| C-corporations | 1120 | 2.5 months after year end (March 15th for December year end) | 3.5 months after year end (April 15th for December year end) |
| Partnerships | 1065 | 3.5 months after year end (April 15th for December year end) | 2.5 months after year end (March 15th for December year end) |
| Foreign Bank Account Reporting (FBAR) | 114 | June 30th | April 15th |
To find out more about this may impact you and what steps to take, please contact Frank Casciaro at 416-645-6586 or fcasciaro@fullerllp.com, or Holly Haber at 416-645-6525 or hhaber@fullerllp.com.