Important TAX ALERT for 2016 Tax Submission

Marguerite I. Harkness, CPA

NAWBO member and Past President, Marguerite Harkness, CPA, is providing the following TAX ALERT for your information:

For those NAWBO members who operate as an S Corporation or as a Partnership - the IRS changed some of the tax deadlines this year (for good reasons).

EARLIER due dates (for calendar year taxpayers) are:

The S Corporation 1120S tax returns are due EARLIER, on MARCH 15, instead of April 15 as before. (This is so the shareholders can get their K-1’s in time to file their 1040s.)
The Partnership 1065 tax returns are ALSO due MARCH 15, for the same reason.

EXTENSION requests are also due March 15 for S Corporation and Partnership. Extension is 6 months, to 9/15.

LATER due dates are:

  • The C Corporation 1120 tax returns are due LATER, on APRIL 15, instead of March 15 as before.
    Extension request is due April 15, for a 6-month extension to 10/15.

If you’re NOT a calendar year taxpayer:
S Corp and Partnership and their extension requests, are due 2-1/2 months after your year end.
  • C Corp and extension request, is due 3-1/2 months after your year end.
Questions? Call Marguerite or your accountant.

Marguerite I. Harkness, CPA
16903 Fischer Rd. #1, Lakewood, OH 44107
“How much you earn is your business; how much you keep after taxes, is our business.”