The IRS recently announced a change in due dates for a few different types of tax returns that taxpayers in San Diego — especially those with businesses or foreign accounts — should be aware of.
If you have foreign accounts, you are likely familiar with the Report of Foreign Bank and Financial Accounts (FBAR) forms. These forms must be filed by anyone who has a foreign account that has totaled more than $10,000 at any point during the year.
The latest change moves the filing deadline from June 30 to April 15 — a positive change for foreign account holders. FBAR filers are also now allowed to seek a six-month filing extension — more good news.
In 2016, due dates for partnerships and corporations will also change. The new dates are:
- March 15 for partnership tax returns
- April 15 for C corporation returns
- Sept. 15 for C corporations whose tax years end on June 30 (until 2025)
It is important to note that the dates may be different for partnerships and corporations that don’t have calendar tax years.
The changes in filing deadlines did not just help taxpayers — they also benefited the IRS, which received a longer audit period of three to six years in most situations.
Now that you are familiar with the new rules, it is important to make sure you file on time and submit an accurate application. Unfortunately, even small mistakes can lead to an investigation by the IRS. If you find yourself facing an audit or being accused of tax evasion, it would be wise to speak with an experienced tax law attorney who can ensure your rights are protected and fight to minimize the consequences you face.
Source: Forbes, “Many IRS Tax Return Due Dates Just Changed, FBARs Too,” Robert W. Wood, Aug. 1, 2015