Final Regulations Update: 2018 Tax Season Filing Due Dates
2018 Tax Season began January 29th, and the IRS will start receiving your tax returns, according to the IRS website. We know for individuals it is pretty straight forward, Tax payments are usually due on April 15th every year. Tuesday, April 17, 2018. This means any money you owe to the IRS must be postmarked by that date. Wait! April 15th is a holiday! And, what about Corporations, S-Corps, Partnerships and LLCs?
April 15, 2018 is a Holiday In Washington, DC
For Individuals payment is usually due on April 15th, regardless of when your return is filed. The exception is when April 15th falls on a weekend or a holiday. If April 15th falls on a Saturday or Sunday, you tax payment will usually be due the Monday immediately following. Now, should that Monday be a legal holiday in the District of Columbia, the tax return will be due that Tuesday following. (For example let’s say April 15th is on a Sunday, your taxes are due on Tuesday, April 17th. Why? Because Monday, April 16th is a holiday in Washington, DC.).
For example, in the 2018 tax season, because of the new IRS rules made in 2017, there are numerous due dates that will change. Here are some examples: the Individual and FBAR due date; the C Corporation due date; the Form 1041 due date and extended due date; and the Partnership extended due date.
IRS Rules Due Dates Change
nHere is what we mean. Congress, late in 2015 had provisions built into several bills, yet those changes weren’t related to the primary bill. The final regulations take into account provisions that affect those items not addressed in the main bill. Two Acts contact these provisions. One is the “protecting Americans from Tax Hikes Act of 2015” and the “Surface Transportation and Veteran’s Health Care Choice Improvement Acts of 2015.”
2018 Tax Due Dates
For Tax Year 2017, here are the 2018 Tax Filing Due Dates. For reporting 2017 tax returns and other information that are due in 2018, the following due dates will apply:
January:
- 31 – Form 1099 and W2 – issue to vendors and employees.
- 31 – For those who file prior year’s return and pay any tax due by this date, you need not make the 4th Quarter Estimated Tax Payment.
February
- 28 – 1099s and W-2s – Last day to provide file copies of with the government.
March
- 15 – K’1s – Partnerships Corporate Tax Filing Deadline. (See blog here)
April:
- 2 – Call for a tax appointment to prepare your tax return.
- 2 – Last day to withdraw funds from your IRA account if you turned age 70-1/2 in the prior year and haven’t already taken a distribution for that year. For other types of plans, please contact our office
- 2 – Forms 1098, 1099, and W-2G (electronic filing only not magnetic media).
- 17 – Form 1041 (Trusts and Estates) Due.
- 17 – Form 1065 – Last day to file your prior year’s Federal partnership return and Federal fiduciary returns or request an automatic 5-month extension until September.
- 17 – Form 1120 – Last day to file the previous calendar year’s income tax return and pay tax due. For an automatic 6-month extension of time, file Form 7004 and deposit what you estimate you owe in taxes.
- 17 – FinCEN Form 114 – FBAR (permited to extend).
- 17 – Last day to make an IRA contribution for the prior year.
- 17 – Last day to make SEP or Keogh contributions unless an extension is filed.
- 17 – Last day to fund the prior year’s Coverdell Education Savings Account.
- 17 – First estimated tax installment for the year due. Form 1120-W (worksheet), is available to help you estimate your tax for the year.
June:
- 15 – Form 990 Series – Tax Exempt Organization.
- 15 – 2nd estimated tax installment for the year due.
- 15 – Form 1040 (U.S. Citizens living abroad) – Last day to file their individual tax return (Form 1040) or request an extension.
July:
- 1 – Time to review your 2018 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties.
- 31 – Form 5500 Series – Last day for employers (including self-employed individuals) to file appropriate Series 5500 Form for Employee Benefit Plans (includes Keogh Plans).
September:
- 17 – 3rd estimated tax installment for the year due.
- 17 – Last day to file partnership (Form 1065) and fiduciary (Form 1041) returns with an approved extension.
October:
- 1 – Form 1041 Extented Return Due
- 15 – Form 1120 Extended Return Due
- 15 -Form 1040 (Individuals in USA) – Last day to file prior year’s individual tax return, if you are in the United States with an approved extension.
- 15 – FinCEN Form 114 (Extended with Form 1040) Due
November:
- 15 – Form 990 Series Extended Return Due
- 15 – Form 5500 Series Extended Return Due
December:
- 1 – Time for Year-End Tax Planning – call Alex Franch 781-849-7200.
- 31 – Last day for taxpayers who began their minimum IRA distributions in a year before 2018 to make their required withdrawal for 2018.
- 31 – Last day to pay deductible expenses for the 2018 return (does not apply to IRA, SEP or Keogh contributions, all of which can be made after December 31, 2018).
- 31 – Last day to withdraw funds from a Traditional IRA Account and avoid a penalty if you turned age before 2018.
- 31 – If you are self-employed, December 31 is the last day to set up a Keogh Retirement Account if you plan to make a 2018 Contribution.
- 31 – Technically the last day of the year. However, if December 31st falls on a weekend, you may not be able to take the actions necessary and should consider taking these actions prior to December 31st.
For Fiscal Year filers:
- C Corporation tax returns will be due the 15th day of the fourth month after the end of the tax year.
- S Corporation tax returns are due on the 15th day of the third month after the end of their proper tax year.
- Partnership and LLCs tax returns are due on the 15th day of the third month after the end of their proper tax year.
Note: A special rule to push off the due date change for C Corporations with fiscal years that end on June 30 holds off the change for 10 years – until December 31, 2025.
- Employee Benefit Plan tax returns are due the last day of the seventh month after the plan year ends.
Note: Filers are responsible to check when tax returns are due. These are unique to each state and commonwealth in which taxpayers’ operate their businesses. Massachusetts requires action to conform with federal due date; see guidance from MA for late filing relief. All other states and commonwealths may not conform to the Federal filing dates.
Those Who File By Fiscal Year
- Filers of U.S. Return of Partnership Income (Form 1065) will have a maximum of 6 months, instead of the current 5 month extension. This means that the previous* extended due date remains in affect – September 15th for calendar year taxpayers.
- Annual Return/Report of Employee Benefit Plans will have a maximum automatic extension of three and a half months.
- Those who file Form 990 (series) will now have an automatic 6 month extension period, ending on November 15th for calendar year filers, rather than a 3 month period.
- Report of Foreign Bank and Financial Accounts (FBAR) FinCEN report 114, will be due on the same due date as the individual Form 1040 and consents to extend for six months. This means that FBAR reporting now lines up with the individual tax return reporting. Also, the IRS may waive the penalty for not filing a timely extension request for any first time taxpayer who must file.
- U.S. Income Tax Return for Estates and Trusts (Form 1041) has a maximum extension of five and a half months. This extension is 2 weeks longer than the previous* five month extension.
* 2015 and prior years.
2018 Tax Season, Extension, and Tax Due Date Questions?
Should you have any questions about these new tax due dates and how they impact your tax filings, please contact give Alex Franch, BS EA a call at 781.849.7200 or email us at contactus@worthtax.com. Better yet, if you are a new business or an entreprenuer contemplating starting a business, why not make an appointment to develop a business tax strategy?
Alex Franch, BS EA
Alex is a Tax Specialist and Partner at Joseph Cahill & Associates / WorthTax. He has a diverse background including a Bachelor of Science from Boston College in Mathematics and extensive military service. Alex is an Enrolled Agent and has a decade of tax preparation experience. He is passionate about serving businesses with tax and financial planning strategies.
