Tax Return Due Dates Changed for 2016 Tax Year

As part of the short-term highway funding bill passed by the Senate (H.R. 3236), the due dates for several tax forms were modified.  The partnership tax return, Form 1065, and the corporate tax return, Form 1120, basically swapped due dates.  Currently, partnership returns are due April 15th, the same date personal returns are due.  Partnership returns will be due on March 15th in the future.  To the contrary, corporate returns are currently due March 15th, but will change to April 15th.  These changes will take effect for tax years beginning after December 31, 2015.

These changes are likely to be embraced by CPAs and tax preparers.  The new due dates provide a more sensible timeline and workflow.  Information from partnership returns is necessary to complete individual returns.  Making both due on the same date creates a timing issue for tax preparers.  Having the partnership return due a month prior to the individual should provide CPAs with more time to prepare accurate returns.