The tax filing season is now well under way. While the time for proactive planning for the 2016 year may have passed, you may still be able to reduce or minimize your tax liability by being aware of some tax changes, deductions and credits that are missed by many business taxpayers.
New Due Dates
While this is not a planning opportunity, please be aware of some new due dates, so that penalties for late filing or late payment are not incurred.
Starting for tax years beginning after December 31, 2015, Partnerships and LLCs (Forms 1065 and related K-1s) the deadline has moved from April 15 to March 15 (or the 15th day of the 3rd month after end of tax year)
C Corporations get a breather, their due dates move back from March 15 to April 15 for a calendar year entity; S corporations remained unchanged.
FBAR – the reporting of foreign bank accounts- have moved from June 30 to April 15. There is an extension available; if you have signature authority over a foreign bank account, make sure you handle this one, as the penalties are egregious. Read more!