IMPORTANT: Changes in Filing Due Dates

LCS&Z wants readers to be aware of some important changes for due dates for filing various tax forms in 2017, including business tax returns, wage forms (by the employer), and reporting foreign accounts. If you file one or more of these forms, please note the following information:

Business Tax Returns

  • Form 1065 (Partnership Returns) – this form is now due the 15th day of the third month after the end of the tax year (March 15th for calendar year filers). It was previously due in April for calendar year filers, but the deadline for filing has been moved up.
  • Form 1120 (C Corporation Returns) – this form is now due the 15th day of the fourth month after the end of the tax year (April 15th for calendar year filers). It was previously due in March for calendar year filers, so filers now have additional time to complete the return.
  • Form IT-204-LL (NYS Partnership, LLC and LLP Returns) – this form is now due the 15th day of the third month after the end of the tax year (March 15th for calendar year filers). It was previously due within 60 days after the last day of your tax year. There is no extension of time to file Form IT-204-LL or pay the fee.

Filing deadlines for S Corporations and estimated tax payments are unchanged. Please refer to this article for additional information.

Business Wage and Independent Contractor Forms

  • Form W-2 and Form 1099-MISC with non-employee compensation in box 7 – these forms are now due to the SSA/IRS on January 31st. Previously, these forms were due only to employees on that date and were not due to the SSA/IRS until the end of February for paper filers or the end of March for e-filers. They are now due to the SSA/IRS on the same date they are due to employees and contractors, regardless of how the forms are filed.

Foreign Accounts

  • Report of Foreign Bank and Financial Accounts (FBAR) – is now due on April 15th. This form was previously due on June 30th.

If you have questions about how these new deadlines will affect your business or personal tax preparation, please contact us today!