Federal Deadlines for Filing Your Business Taxes

It’s a timeworn cliche, but it’s true. Time flies. How is it possible that we’ve turned the corner into February?

Now that we’re a month in to 2016, let’s review important tax payment deadlines you need to be aware of if you’re running a small business. Congress changed some deadlines this year, so these are the new dates for 2016. As with anything tax related, be sure to check with the IRS or your accountant to make sure you’re up to date on all the requirements.

Partnership tax returns are due March 15, not April 15 as used to be the case. If your partnership isn’t on a calendar year, it is due on the 15th day of the third month following the close of your tax year.

Conversely, C corporation tax returns are due April 15, not March 15. For non-calendar years, they are due on the 15th day of the fourth month following the close of the tax year.

S corporation tax returns haven’t changed: they are still due March 15, or the third month following the close of the taxable year.

C corporations with tax years ending on June 30 will continue to have a due date of September 15 until 2025, when it will be a month later.

Here’s the link for Publication 509, published by the IRS, that will tell you all you need to know about taxes, due dates, and details.

If you need more time to complete your 2015 business tax return, you can request an extension to file your return. However, even if you do so, you must calculate how much you owe and send in that estimation by the due date. Otherwise, the IRS can invalidate your extension.

Additional important tax dates for individuals and businesses:

April 18
individual tax returns (or request for extensions) are due
first quarter estimated taxes are due
last day to contribute to IRAs, HSAs, or 401Ks

June 15
second quarter estimated taxes are due
last day for Americans living abroad to file taxes

September 15
third quarter estimated taxes are due

January 15, 2017
fourth quarter estimated taxes are due

The due date for foreign account FBAR forms, also known as FinCEN Form 114, goes from June 30 to April 15. (You can get a six-month extension, just like tax returns.) FBARs are important if you had foreign accounts that topped $10,000 at any time during the year.

If you need legal help, don’t hesitate to contact me at the Law Office of E.C. Lewis, P.C., home of your Denver Small Business Lawyer. Phone: 720-258-6647. Email: elizabeth.lewis@eclewis.com.

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