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Income Tax Deadlines in 2017

Written by | Published in: Tax News |

Income Tax Deadlines in 2017

Information on Critical Tax Deadlines for the 2016 Tax Year

April 18 in 2017 is the deadline to file personal tax returns. You have until October 16, 2017 if you file a request for an extension on or before that date. Here are some other important deadlines to keep in mind. 

Tax Deadlines in Calendar Year 2017 for 2016 Returns

S-Corporation returns - IRS Form 1120-S

  • March 15, 2017 for corporations on a calendar year 
  • Extended deadline is September 15, 2017

Partnership returns - IRS Form 1065

  • March 15, 2017 
  • Extended deadline is September 15, 2017

Estimated tax payments - IRS Form 1040ES

  • April 17, 2017
  • June 15, 2017
  • September 15, 2017
  • January 16, 2018

Trust and estate income tax returns - IRS Form 1041

  • April 17, 2017
  • Extended deadline is October 2, 2017. 

C-Corporation income tax returns - IRS Forms 1120

  • April 17, 2017 for C-corporations on a calendar year
  • Extended deadline is October 16, 2017 
  • The deadline for C-corp returns is the 15th day of the fourth month following the end of the corporation's fiscal year if the corporation is on a fiscal rather than a calendar year. The exception is corporations with a fiscal year from July 1 to June 30. In this case, the first deadline remains Sept. 15, the 15th day of the third month following the end of the fiscal year. The extended deadline remains Feb. 15, or five months after the first deadline, through fiscal years ending June 30, 2026.​

Foreign bank account reports - IRS FinCen Form 114

  • April 18, 2017

 

2017 Deadlines

 

January 16, 2017

  • Deadline to pay the fourth quarter estimated tax payment for the year 2016

January 23, 2017

  • The Internal Revenue Service will begin processing tax returns, both those that are electronically filed and paper-filed returns

February 1, 2017

  • Deadline for employers to mail out Forms W-2 to their employees and for businesses to furnish Forms 1099 statements reporting, among other things, non-employee compensation, bank interest, dividends and distributions from a retirement plan. For more details, see How to Prepare and Distribute Form 1099-MISC and General Instructions for Certain Information Returns

February 15, 2017

  • Deadline for financial institutions to mail out Form 1099-B relating to sales of stock, bonds or mutual funds through a brokerage account, Form 1099-S relating to real estate transactions; and Form 1099-MISC if the sender is reporting payments in boxes 8 or 14

February 28, 2017

  • Deadline for businesses to mail Forms 1099 and 1096 to the IRS if filing on paper. If filing these forms electronically, the deadline is March 31. For more details, see the General Instructions for Certain Information Returns

March 15, 2017

  • Deadline for corporate tax returns (Forms 1120, 1120A, and 1120S) for the year 2016, or to request automatic 6-month extension of time to file (Form 7004) for corporations who use the calendar year as their tax year
  • Final deadline to file an amended corporate tax return (Form 1120X) for tax year 2013 and still claim a tax refund. Refunds expire three years from the original due date of the return
  • Deadline to file partnership tax returns (Form 1065) or to request an automatic 5-month extension of time to file (Form 7004)

April 18, 2017

  • Deadline to file individual tax returns (Form 1040, 1040A, or 1040EZ) for the year 2016 or to request an automatic extension (Form 4868). An extension provides an extra six months to file your return. Payment of the tax is still due by April 18. You can submit payment for tax along with the extension form
  • Last day to make a contribution to traditional IRA, Roth IRA, Health Savings Account, SEP-IRA or solo 401(k) for the 2016 tax year. You have until Oct. 17 to fund a SEP-IRA or solo 401(k) if you get an extension
  • 1st quarter estimated tax payments due for the 2016 tax year
  • Final deadline to file an original tax return (Form 1040) for tax year 2013 and still claim a tax refund, as refunds expire three years from the original due date of the tax return
  • Final deadline to file amended tax return (Form 1040X) for tax year 2013 and still claim a tax refund. (Be sure to mail the amended return well before April 15th to make sure your tax refund will be processed in a timely manner. And be sure to obtain proof of mailing, such as a certified mail with return receipt)
  • Deadline to file estate income tax or trust income tax returns (Form 1041) or to request an automatic 5-month extension of time to file (Form 7004)
  • Final deadline for estates, trusts, or partnerships to file an amended tax return and still claim a tax refund for the year 2013. Refunds expire three years from the original due date of the tax return

​May 31, 2017

  • Deadline for financial institutions to send out Form 5498 to report balances in an individual retirement account for the year 2016

June 15, 2017

  • 2nd quarter estimated tax payments due for the 2016 tax year

June 30, 2017 

  • Deadline to file Foreign Bank Account Report for the year 2016. This report is required if you have over $10,000 (in aggregate) held in foreign bank accounts. Foreign Bank Account Reports must be filed electronically. Extensions of time are available starting in 2017

September 15, 2017

  • 3rd quarter estimated tax payments due for the 2016 tax year
  • Final deadline to file corporate tax returns for the year 2016 if an extension was requested. (Forms 1120, 1120A, 1120S)

October 1, 2017

  • Deadline for self-employed persons or small employers to establish a SIMPLE-IRA for the year 2016

October 16, 2017

  • Final deadline to file individual tax returns for the year 2016. (Forms 1040, 1040A, 1040EZ)
  • Last day the IRS will accept an electronically filed tax return for the year 2016. If filing after October 15, you'll have to mail in your tax return for processing.
  • Final deadline to fund a SEP-IRA or solo 401(k) for tax year 2016 if you requested an automatic extension of time to file

 

IRS Interest Rates Start to Rise

Written by | Published in: Tax News |

The IRS announced on March 16, 2016 that interest rates on tax overpayments and underpayments will increase for the calendar quarter beginning on April 1, marking the first change in interest rates in nearly six years.

Form TD F 90-22.1 Has Been Replaced

Written by | Published in: Tax News |

FinCEN Form 114 {95B/95C}, Report of Foreign Bank and Financial Accounts

Efile Perfection Periods

Written by | Published in: Tax News |

Per Publication 4163, Modernized E-file (MeF) business returns have a "perfection period" of 10 days from the date of rejection which is not an extension of time to file; this is the period to correct errors in the e-file.