IRS MANDATED TAX DUE DATE CHANGES

 

The IRS has mandated due date changes for the upcoming tax filing season. These changes relate to certain tax returns, and informational returns and filings. To adapt to these changes and maintain our highest quality standards, Hayashi Wayland (HW) must adjust our deadlines for you to submit to us the related financial information and support needed to prepare your tax return(s). All due date changes will be in effect for the 2017 filing season (2016 tax year for calendar year-end filers), as summarized below.

 

TAX RETURNS

Partnerships (Form 1065) – IRS due date moved from April 15 to March 15, or the 15th day of the third month after year-end. Submit related financial information and support to HW as soon as possible, but no later than February 24, 2017 (or two weeks prior to the deadline if a fiscal year-end filer).

C-Corporations (Form 1120) – IRS due date moved from March 15 to April 15. In most cases, returns will be due on the 15th day of the fourth month after year-end. Although the due date for this type of return has been pushed back one month, we encourage clients to submit related financial information and support to HW as soon as possible, but no later than March 31, 2017 (or two weeks prior to the deadline if a fiscal year-end filer).

S-Corporations (Form 1120S) No change; the due date remains March 15. Submit related financial information and support to HW as soon as possible, but no later than February 24, 2017.

Individuals (Form 1040) and Trusts (Form 1041)No change; the due date remains April 15. Submit your completed tax organizer, related financial information, and support to HW as soon as possible, but no later than March 31, 2017.

Exempt Organizations (Form 990)No change; the due date remains the 15th day of the fifth month after year-end. Submit related financial information and support to HW as soon as possible, but no later than 30 days prior to the due date of the return.

 

INFORMATIONAL RETURNS AND FILINGS

Annual Summary and Transmittal of U.S. Informational Returns (Form 1096)IRS due date moved from February 28 to January 31. The deadline for distribution of Form 1099 to recipients continues to be January 31; however, the forms are now due to the IRS on January 31 as well. Please provide related financial information and support as soon as possible to ensure timely and accurate filing. Penalties apply for each late and/or incorrectly filed Form 1099.

Transmittal of Wage and Tax Statements (Form W-3) IRS due date moved from February 28 to January 31. The deadline for distribution of Form W-2’s to employees continues to be January 31; however, the forms are now due to the Social Security Administration on January 31 as well. Please provide related financial information and updated employee information as soon as possible to ensure timely and accurate filing. Penalties apply for each late and/or incorrectly filed Form W-2.

Individuals and Businesses – Foreign Bank and Financial Accounts Report (FBAR – FinCen114)IRS due date moved from June 30 to April 15. However, for the first time, a six-month extension to October 15 will be available. This form is required for individuals and businesses with a financial interest in, or signature authority over, at least one financial account located outside of the United States, and the aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year. Please remember to include all information related to foreign accounts, if applicable, when submitting your individual or business tax return documentation.

Please note, if HW does not receive your required information before the dates indicated on the previous page, we will need to place your return on extension and complete it as soon as possible after the deadline.

We understand that adjusting to these new deadlines can be overwhelming. Our ultimate goal is to continue providing high quality service to our clients. Please contact us if you have any questions or concerns related to these changes, your tax returns, or other financial matters.