residents-taxes

New Filing Process for SC Form PT-100

If you file a South Carolina Business Personal Property Tax Return (Form PT-100), the filing process has changed as of August 2016. If you haven’t already, you will receive a letter from the SCDOR with important account information. You will need to provide this letter to your accountant as the letter contains a new file […]

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Due Dates for Partnership and C Corporation Returns Revised

P.L. 114-41 was Signed Into Law on July 31, 2015

On July 31, 2015, President Obama signed into law P.L. 114-41, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.” This new law includes a number of important tax provisions, including revised due dates for Partnership and C corporation returns. This post provides an overview of these provisions, which may have an impact on you, your family, or your business.

Revised Due Dates for Partnership and C Corporation Returns

Under the new law, in a major restructuring of entity return due dates, effective generally for returns for tax years beginning after December 31, 2015:

  • Partnerships and S corporations will have to file their returns by the 15th day of the third month after the end of the tax year. Thus, entities using a calendar year will have to file by March 15 of the following year. In other words, the filing deadline for partnerships will be accelerated by one month; the filing deadline for S corporations stays the same. By having most partnership returns due one month before individual returns are due, taxpayers and practitioners will have more time to prepare the returns of individuals who are partners in partnerships.
  • C corporations will have to file by the 15th day of the fourth month after the end of the tax year. Thus, C corporations using a calendar year will have to file by April 15 of the following year. In other words, the filing deadline for C corporations will be deferred for one month.

Keep in mind that these important changes to the filing deadlines will go into effect in 2017 when the 2016 returns have to be filed.

We hope this information is helpful. If you would like more details about these changes or any other aspect of the new law, please do not hesitate to contact us.