San Francisco Tax Preparation / CPA: Final Regs Reflect Updated Due Dates for Income Tax and Information Returns

Filed in CCH NEWS FEED by on April 24, 2020

The IRS has issued final regulations that update the due dates and extensions of time to file certain income tax returns and information returns to reflect legislative changes. The regulations replace temporary regulations issued in 2017 with no substantive changes other than removal of regulations related to electing large partnerships.

Income Tax Returns
The final regulations provide the following with respect to income tax returns:

  • The due date for filing a C corporation income tax return (Form 1120 series) is the 15th day of the fourth month after the close of the tax year (April 15 for a calendar-year taxpayer). The due date is the 15th day of the third month after the close of the tax year (March 15 for a calendar-year taxpayer) if the corporation has a fiscal year ending on June 30 and beginning before January 1, 2026. A corporation is provided an automatic six-month extension for filing its return (seven months in the case of a C corporation with a fiscal year ending on June 30 and beginning before January 1, 2026).
  • The due date for filing an S corporation income tax return (Form 1120S, U.S. Income Tax Return for an S Corporation) is the 15th day of the third month after the close of the tax year (March 15th for a calendar-year taxpayer). An S corporation may obtain an automatic six-month extension of time to file its return by filing Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns.
  • The due date for filing a partnership income tax return (Form 1065, U.S. Return of Partnership Income) is the 15th day of the third month following the close of the tax year (March 15 for a calendar-year taxpayer). A partnership may obtain a six-month extension to file Form 1065, as well as to file Form 8804, Annual Return for Partnership Withholding Tax (Section 1446), by filing Form 7004.
  • The due date for filing income tax return for an estate or trust (Form 1041, U.S. Income Tax Return for Estates and Trusts) is the 15th day of the fourth month after the close of the tax year (April 15 for a calendar-year taxpayer). An estate or trust (nonbankruptcy) may obtain an automatic 5 ½ month extension to file its return by filing Form 7004.

Returns for Tax-Exempt Organizations
The due date for filing the annual information return of a tax-exempt organization (Form 990 series) is the 15th day of the fifth month after the close of the tax year (May 15 for a calendar-year taxpayer). An organization may obtain an automatic six-month extension to file certain returns if the organization files an application on Form 8868. The automatic extension applies to:

  • the Form 990 series;
  • Form 1041-A, U.S. Information Return Trust Accumulation of Charitable Amounts;
  • Form 4720, Return of Certain Excise Taxes Under Chapters 41 and 42 of the Internal Revenue Code);
  • Form 5227, Split-Interest Trust Information Return;
  • Form 6069, Return of Excise Tax on Excess Contributions to Black Lung Benefit Trust Under Section 4953 and Computation of Section 192 Deduction; and
  • Form 8870, Information Return for Transfers Associated With Certain Personal Benefit Contracts.

Information Returns
The due date for filing the Form W-2 series (other than Form W-2G, Certain Gambling Winnings), the related Form W-3, Transmittal of Wage and Tax Statements, and Form 1099-MISC, Miscellaneous Income, if nonemployee compensation is being reported, is January 31 after the calendar year for which the information is being reported. The January 31 due date applies regardless of whether the return is filed on paper or electronically.

The due date for filing Form 1096, Annual Summary and Transmittal of U.S. Information Returns, or other forms in the Form 1099 series (other than for nonemployee compensation) is February 28 after the calendar year for which the information is being reported (March 31 if filing electronically).

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