Have a Partnership or S Corporation? Return is Due This Wednesday (March 15th)

PaperscroppedBy:  Amanda Wilson

As I previously discussed (here), the federal tax due date for partnership and corporate tax returns changed for tax years on or after 2016.  This means that the new filing deadlines are now in effect.  Partnership and S corporation tax returns are due a month earlier on March 15th, while corporate tax returns are now due a month later on April 15th. In other words, if your business includes a partnership or S corporation, you need to file the tax return, or file for an extension, by this Wednesday, March 15th.  Don’t be caught off-guard and miss this important new deadline. read more

New Tax Filing Deadlines for Partnerships and Corporations

By:  Amanda Wilson

Last Friday, President Obama signed into law a bill that provides temporary funding for the highway trust fund.  Buried in the law are several permanent changes to the tax code that are unexpected.  Specifically, the deadline for filing tax returns for partnerships and S corporations has been moved up a month, from April 15th to March 15th.  The deadline for filing tax returns for corporations has been moved back a month, from March 15th to April 15th.  These changes will apply for tax returns due for tax years starting in 2016.  Be aware of how these changes could affect your private business. read more

April 15th Offers an Important Tax Planning Opportunity for Partners

By:  Amanda Wilson

April 15th is usually greeted with dread as tax day.  However, April 15th also offers an important tax planning opportunity for partners in partnerships (including limited liability companies that are treated as partnerships for federal income tax purposes).  The tax rules allow partners to amend their partnership agreement retroactively to January 1 of the prior year if the amendment is in place by April 15th.  If your business has a partnership, this might be a great opportunity for you.  You should take a moment to look at how your partnership is allocating taxable income and losses to the partners in 2013 and make changes if a different allocation would work better for your partnership.  Act fast, though, because unlike the due date for filing your return, this deadline cannot be extended. read more