The IRS has changed important due dates for many tax returns, including corporate, partnership and FinCen Form 114 or FBAR reporting. Important changes Occur after December of this year, including:
- FBARs will be due on April 15, more than 2 months earlier than the previous deadline at the end of June.
- Corporate Tax Returns will be Due April 15
- Partnership Tax Returns will be Due March 15
These changes were quietly contained within a huge bill passed at the end of July by Congress known as H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. This may actually help some taxpayers, as partnership returns were previously due April 15. However, income to be reported by individuals within the partnership (reported on the K-1) would not be received in a timely manner, and many felt rushed to meet both deadlines on April 15.
The change in the FBAR reporting date helps US taxpayers in a couple of ways. First, it allows you to file the report while doing your taxes and while things are fresh in your mind. The new legislation also provides opportunities for requesting an extension (as you can on your actual tax return). Previously, the June 30 due date was a “drop dead” date and there was no possible extension.
This is one of the most complex and rapidly changing times in US and California tax reporting. It is important to work with experienced and proven tax attorneys who can protect and represent your interests with the IRS an California tax agencies, while reducing the amount you ultimately have to pay.
If you have questions about FBAR, or have been contacted by the IRS or a California tax agency regarding an audit or collection matter we invite you to contact us for a free consultation at 866-631-3470.