The short term highway-funding bill, passed by both the House and Senate, and signed by President Obama on July 31st, contains a number of tax-related provisions, including changing the due dates for partnership and C corporation tax returns.
The due dates for partnership tax returns (and for limited liability companies taxed as partnerships) are changing from April 15 for calendar-year partnerships to March 15, and the 15th day of the third month after the end of the fiscal year for fiscal-year partnerships. The Act allows the IRS to permit an extension of up to six months for filing a partnership return.
C corporations now have until the 15th day of the fourth month after the close of their year, rather than the current due date of the 15th day of the third month following the year-end close. Corporations will be allowed a six-month extension to file, although calendar year-corporations will get a five-month extension until 2026, while those whose fiscal year ends June 30 will have a seven-month extension available until 2026.
The new due dates will apply to returns for tax years beginning after Dec. 31, 2015. However, for C corporations with fiscal years ending onJune 30, the new due dates will not apply until tax years beginning after Dec. 31, 2025.