Images: Forbes, St. Paul North Area Rookies
Maximizing tax benefits and minimizing negative impacts of tax law are what tax season is all about. Every year, millions of business entities and individuals undergo this process before their respective deadlines in order to satisfy the compensatory needs of their federal government, qualifying each other’s position in their love/hate relationship while keeping each other afloat. Below are new changes being implemented for both businesses and individuals alike for the 2017 tax filing/2016 tax return season.
New dates for Business returns?
In 2015, Congress passed a short-term highway funding extension bill which set new due dates for partnership and C corporation tax returns. The H. R. 3236 Act instructs the IRS to allow a maximum extension of six months for the U.S. Return of Partnership Income filing documents (Form 1065), as well as allowing a similar extension to fiscal year U.S. Corporation Tax Return filing documents (Form 1120). Calendar year C corporations are allotted only a five-month extension; corporations with a June 30 year end will get a seven-month extension, both until 2026.