Filing Dates have Changed for Some Tax Returns, FBARs and New Rules for Auditing Partnerships
By Charles M. Meadows, Jr. on January 11, 2016
Changes have been made to Partnership Tax Return and FBAR filing dates for 2016:
1. Partnership Tax Returns now need to be filed on March15th not April 15th.
2. C Corporation Returns will be due on April 15th not March15th.
3. FBARs will be due on April 15th not June 30th this year.
Also, taxpayers need to be aware that beginning in 2018, the IRS will be able to assess income tax deficiencies against the partnership and not individual partners unless the partnership elects out of the new audit rules. This is important because under current rules, a partnership which has a trust as a partner cannot elect out of those rules. Many partnership agreements will need to be amended to take this change into account.
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