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Although your IRS tax return is still due April 15th and the six-month automatic extension remains intact, Congress has recently moved a number of other deadlines for filing returns. Due dates have been changed for corporate tax returns, partnership returns, and FBAR forms (FinCEN Form 114) by way of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (H.R. 3236). The law, though not directly tax-related, also increases a number of IRS audit periods from three years to six under particular circumstances.

The following changes are applicable as of January 1st, 2016:

  • C corporation tax returns, which were due March 15th, will be due April 15th. For non-calendar years: “the 15th day of the fourth month following the close of the tax year.”
  • Partnership tax returns, which were due April 15th, will be due March 15th. For non-calendar years: “the 15th day of the third month following the close of the tax year.”
  • The due dates for FBAR forms will change from June 30th to April 15th and allow for six-month extensions.
  • C corporations whose tax years end on June 30th currently have a due date of September 15th; after the year 2025, these returns will be due one month later, on October 15th.
  • S corporation tax returns are unchanged and remain due on March 15th, or “the third month following the close of the taxable year.”

If the balances of any of your foreign accounts exceed $10,000 within a taxable year, you must file an FBAR (Form 114) and penalties for not doing so may include both civil and criminal sanctions. Although most tax evasion charges carry a potential three-year prison term, FBAR charges are punishable by up to ten years.

FBAR forms are now required by FinCEN to be submitted electronically, as well.

Phil Hogan

Phil Hogan is a Canadian and US CPA working with clients throughout Canada and the US. Phil advises on cross border tax and financial planning matters. Phil can be reached at phil@hutcheson.ca or via telephone at 250-661-9417. You can also read more about Phil at Hutcheson.ca/phil.
Phil Hogan

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The information contained in this article is for general use only and should not be viewed as professional advice. Accounting and tax rules and regulations regularly change and individuals should contact a competent professional to obtain accounting and tax advice based on their specific situation.

Phil Hogan

Phil Hogan is a Canadian and US CPA working with clients throughout Canada and the US. Phil advises on cross border tax and financial planning matters. Phil can be reached at phil@hutcheson.ca or via telephone at 250-661-9417. You can also read more about Phil at Hutcheson.ca/phil.
Phil Hogan

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