Congress Changes Business Tax-Filing Due Dates
 

Congress Changes Business Tax-Filing Due Dates

A short-term highway-funding bill passed by the Senate on Thursday contains a number of tax-related provisions, including changing the due dates for partnership and C corporation tax returns.

The highway-funding bill is a stopgap measure that extends financing for transportation infrastructure for another three months and came just before the current funding runs out on Friday. The House passed a similar measure Wednesday, and after Senate approval it headed Thursday to President Obama’s desk for his signature. He signed the bill on Friday. The Senate also passed a long-term bill on Thursday that would provide money for the Highway Trust Fund for six years, but it remains at odds with the House on how to pay for the measure. The House left for its August recess before taking up the long-term extension bill, prompting the Senate to pass the same short-term extension that the House had approved in order to provide money for ongoing road projects.

Among the tax provisions are changing the due dates for partnership tax returns from April 15 for calendar-year partnerships to March 15 for calendar-year partnerships, and the 15th day of the third month after the end of the fiscal year for fiscal-year partnerships. The IRS will now 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 have up to six months to file an extension, 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 until 2026. Read more on Accounting Today.