Trusts will have two more weeks after receiving extended partnership and S corporation Schedules K-1 to complete their extended tax returns and issue their extended Form 1041, U.S. Once partnership and S corporation returns have been filed by March 15, and owners have received their Schedules K-1, individuals, trusts, and C corporations will have the information they need from their passthrough entity investments to file accurate and timely returns. Note that practitioners and partnerships that still need time to complete the preparation of the partnership tax return will still be able to extend the return until Sept. ThatвЂ™s because all other entities and individuals can be partners in a partnership and may need (and will have starting in the 2017 filing season) information from Schedules K-1 from partnership investments in order to timely and accurately complete their tax returns. Return of Partnership Income, as the first tax return due, is both logical and helpful to many types of entities. The new law, which has the Form 1065, U.S. The interconnection of business entities and those that own them demanded a more logical flow of information between parties. The AICPA Tax Division found that much of the issue related to late Schedules K-1 were a result of the increasing quantity and complexity of flowthrough entities. Corporation Income Tax Return, due a month prior to the partnership due date). Individual Tax Return, because partnership tax returns were due the same day (and needed to use estimates in filing final Forms 1120, U.S. Often, practitioners were forced to use estimates to file final Forms 1040, U.S. Late Schedules K-1 made it difficult, if not impossible, to file a timely, accurate return. 15), and sometimes they arrived up to a month after the extended due date of their partnersвЂ™/ownersвЂ™ business returns (Sept. Sometimes these Schedules K-1 arrived within days (before or after) of the extended due date of their partnersвЂ™/ownersвЂ™ personal returns (Oct. Specifically, problems were created when flowthrough entitiesвЂ™ Schedules K-1, PartnerвЂ™s Share of Income, Deductions, Credits, etc., containing investment information provided by partnerships and S corporations, arrived late. ThatвЂ™s when members started voicing concerns that taxpayers and preparers were struggling with due date problems. The AICPA has been advocating for changes to various tax return due dates since 2006. LetвЂ™s examine why the tax return due date change was needed and what it means for practitioners. A chart of the new dates can be found here. 114-41), applies to the 2017 filing season (2016 tax returns).Д¬ongress passed the much-needed legislation at a time when many practitioners could appreciate its future impact-a mere six weeks before the crunch of the Sept. The due date legislation, which was a revenue provision of a highway bill (Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, P.L. This past summer Congress passed, and President Barack Obama subsequently signed, legislation that modified the due dates for several common tax returns.

Due date of 1065 tax return