2018 Tax Season and Filing Due Dates
If you own a business you want to pay attention to the new tax filing due dates. Tax season begins 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. This means any money you owe to the IRS must be postmarked by that date. Wait! April 15th is a holiday! This year it is Tuesday, April 17, 2018. And, what about Corporations, S-Corps, Partnerships and LLCs?
April 15, 2018 is a Holiday In Washington, DC
Payment are 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.). In case you are wondering what that holiday is, it is Emanicpation Day. In Massachusetts it is Patriots Day.
For example, in 2018, because of the new IRS rules made in 2017, there are numerous due dates that will change. Here are some due date examples: the FBAR, C Corporation due date; and the Partnership extended due date.
IRS Rules Due Dates Change
The IRS gave the regulations for extention rules and due dates last year. These IRS rules apply to specific information and tax returns. Now, these regulations apply for returns filed on or after July 20, 2017 (last year). But keep in mind, many of the changes were in effect since December, 2015. Those changes displace these final regulations.
Okay, here 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 terms that affect those items not taken up in the main bill. Two Acts are an example of these terms. 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.”
So enough of the history behind the changes, lets get to the actual due dates.
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.
March
- 15 – Form 1065 – Partnerships
April:
- 2 – Call 781-849-7200 for a tax appointment to prepare your tax return.
- 17 – Form 1120S – S Corporations
- 17 – FinCEN Form 114 – FBAR (permited to extend).
- 17 – Form 1041 – Trust and Estates
- 17 – Form 1120 – C Corporations
July:
- 31 – Form 5500 Series – Employee Benefit Plan (including Keogh Plans) This includes self-employed individuals.
Tax Year 2017, the following the 2018 Tax Filing Extention Dates:
September:
- 17 – Form 1065 – Partnership Extended Return
- 17 – Form 1120S – S Corporations Extended Return
October:
- 1 – Form 1041 Extented Return
- 15 – Form 1120S Extended Return
- 15 – FinCEN Form 114 (Extended with Form 1040)
November:
- 15 – Form 990 Series Tax Exempt Extended Return
- 15 – Form 5500 Series Employee Benefit Plan Extended Return
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 former 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 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.
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