New Due Dates for Tax Returns/Changes to Extension Deadlines for 2017 & 2018
Warren Bergstein, CPA, AEP
Sidney Kwong, CPA
Beginning with tax year 2016 returns due in 2017, a number of filing deadlines were changed. The primary purpose of the changes is to facilitate a more logical flow of information so that, for example, fewer people and organizations are stuck waiting on K1s from some of their business concerns before they can file other returns. In addition, extension times have been increased for several returns. The IRS has provided clarification on some of these new dates.
A summary of the updated changes appears in the table below.
1 “Filer” refers to entities taxed under the category, as well as those organized under the category.
2 Special rules apply for corporations with fiscal years ending June 30th. June 30th year-end C-Corporations before January 1st, 2026, shall have a due date of September 15th. Also, a 7-month extension shall be allowed before January 1st, 2026
In addition, extensions for the following forms may be extended to up to 6 months:
- 990 (organizations exempt from income tax)
- 4720 (private foundation excise tax return)
- 5227 (split-interest trust)
- 6069 (excise tax on excess contributions to black lung benefit trust)
- 8870 (information return for transfers associated with certain personal benefit contracts)
- 3520-A (information return of foreign trust with US owner)
The Bottom Line
In the long run, the deadline changes should make filing tax returns easier on everyone. In the short run, there will be some confusion and some filers whose deadlines have been made earlier may initially have trouble assembling the required documentation. The AKM team will be proactive in reminding you about the deadline changes and the need to assemble materials. In the meantime, if you have any questions or concerns, please contact your AKM CPA.