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raffa resources
​New Tax Return Filing Deadlines

by Debra Hildreth, Director, Raffa For-Profit Tax

​Accountants have long advocated for a better chronological flow of tax deadlines.  When Congress found that these changes could help finance federal highway and transportation spending, new tax filing deadlines emerged as part of The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. For all tax years that begin after December 31, 2015, the most significant tax return filing date changes are as follows.

Some benefits of the revised due dates:

  • Possibly eliminate the need for tax return extension requests.
  • Audits of corporate financial statements may be completed before the income tax return is due.
  • Tax exempt organizations will have the opportunity to request a single automatic six-month extension.
  • The filing of FBARs may better coordinate with the filing of income tax returns and an extension is now available, if necessary.
  • Employee and non-employee compensation reporting will now coincide with the delivery of information to service providers.

Steps that may help to meet the new deadlines:

  • Accelerate the schedule for year-end accounting close procedures.
  • Send certain schedules such as fixed asset acquisitions and dispositions as of November 30 to your accountant in December with final year-end updates to follow by mid- February.
  • Obtain new partner social security/taxpayer identification numbers, names and addresses as well as confirm existing partner name and address changes now.
  • Confirm that current Forms W-9 Taxpayer Identification Number and Certification are on file for all U.S. service providers.
  • Properly identify all payments of non-employee compensation.
  • Review monthly bank statements through November to determine foreign account reporting requirements. Review December statements when available to assess whether updates are necessary.

For additional information on how Raffa can help you prepare for your new tax filing deadline, please contact Debra Hildreth at dhildreth@raffa.com