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

Business Tax Reform High Priority

By:  Amanda Wilson

Recently, I was at the ABA Tax Section meeting in DC, and one refrain that I heard over and over is that tax reform is a major priority for Congress.  The Obama administration has basically shut down the possibility of personal tax reform by threatening a veto on any legislation that lowers the top individual tax rate from 39.6%.  However, business tax reform continues to be open for discussion, and there is a strong appetite for lowering the corporate tax rate.  The key issue, though, is that any tax reform will have to come soon – before the presidential campaign over shadows everything. read more