New Tax Return Due Dates May Have Unintended Adverse Consequences

Article Excerpt:

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (P.L. 114-41) modifies due dates for several different tax returns. These new due dates will affect 2016 tax returns filed during the 2017 tax filing season. (See chart of changed due dates.) 

The major change taking place will be the flip flopping of due dates for partnership and corporation tax returns. Partnerships (Form 1065) will now have a filing due date of March 15th whereas C Corporations (Form 1120) will have a due date of April 15th. The overall goal of changing the due dates is designed to relieve the April 15th crunch between partnership, corporation and individual returns, although it may have an adverse impact for two reasons.