On July 31, 2015, President Obama signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (“The Act”). The Act contains a few tax provisions, including changes in the original and/or extended due dates for certain tax returns.

Due date changes that apply to returns for taxable years beginning after December 31, 2015 are as follows:

Returns of partnerships (Form 1065) and S corporations (Form 1120S) are due on or before March 15th for calendar year filers or on or before the 15th day of the third month following the close of the fiscal year. An extension of time to file is allowed up to a maximum of 6 months, extending the due date to September 15th for calendar year filers.

Returns of C corporations (Form 1120) are due on or before April 15th for calendar year filers or on or before the 15th day of the fourth month following the close of the fiscal year. A carve out exists specifically for those filers with a June 30th year end. Those tax returns are due on or before September 15th. For calendar year filers, an extension of time to file is allowed up to a maximum of 5 months, extending the due date to September 15th. For fiscal year filers, other than those with a June 30th year end, an extension of time to file is allowed up to a maximum of 6 months. Filers with a June 30th year end are allowed an extension of time to file up to a maximum of 7 months.

Returns of trusts (Form 1041) are due on or before April 15th for calendar year filers or on or before the 15th day of the fourth month following the close of the fiscal year. An extension of time to file is allowed up to a maximum of 5 ½ months, extending the due date to September 30th for calendar year filers.

Reports of Foreign Bank and Financial Accounts (FinCEN Form 114) are due on or before April 15th with an extension of time to file allowed up to a maximum of 6 months, extending the due date to October 15th.

• The maximum extension for returns of employee benefit plans (Form 5500) is an automatic 3 ½ months, extending the due date to November 15th for calendar year plans.

• The maximum extension for returns of exempt organizations (Form 990 series) is an automatic 6 months, extending the due date to November 15th for calendar year filers.

Please contact your Untracht Early advisor if you have questions related to the Surface Transportation and Veterans Health Care Choice Improvement Act and how it might impact your filing.

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