New laws & more: legislative, judicial & administrative developments.

• Author: Josephs, Stuart R.
• Position: Fed Tax

The 2015 Surface Transportation and Veterans Health Care Choice Improvement Act (the Act), enacted July 31, 2015, as P.L. 114-41, contains several significant tax provisions discussed below.

Revised Due Dates For Partnership and C Corporation Returns

Partnership returns will be due by the 15th day of the third month after the end of the partnership's tax year. Thus, for a calendar year partnership, the due date will be March 15.

C corp returns will by due by the 15 th day of the fourth month after the tax year ends. Hence, for a calendar year C corp., the due date will be April 15.

These changes are effective, generally, for tax years beginning after 2015. However, for C corps with tax years ending June 30, this change will not apply until tax years beginning after 2025.

Note: The due date for S corp returns is not changed. A calendar year S corp return will continue to be due March 15.

Revised Statutory Automatic Extensions for Corporations

Old Law

IRC Sec. 6081(b) allows only a three-month automatic extension. However, Regs. Sec. 1.6081-3(a) allows a six-month automatic extension.

New Law

Effective generally for returns for tax years beginning after 2015, Sec. 6081(b) will allow a six-month automatic extension. But, for any C corp return for a tax year ending Dec. 31 and beginning before 2026, only a five-month automatic extension will be available.

For any C corp return for a tax year ending June 30 and beginning before 2026, the automatic extension period will be seven months.

Revised Extended Due Dates

Effective for tax years beginning after 2015, the Act directs the IRS to modify its regulations to provide maximum extensions for other returns, as follows:

* Six months for partnerships filing Form 1065, or Sept. 15 for calendar year partnerships.

* Five and a half months for trusts filing Form 1041, or Sept. 30 since Sec. 644(a) requires trusts to use a calendar year.

* Three an a half months for employee benefit plans filing Form 5500, or Nov. 15 for calendar year plans.

* Six months for tax-exempt organizations filing Form 990 (series), or Nov. 15 for calendar year filers..

* Six months for tax-exempt organizations filing Form 4720 (for excise taxes).

* Six months for split-interest trusts filing Form 5227.

FinCEN Report on Form 114 (FABR) Due Date Revised

For reports for tax years beginning after 2015, the Treasury Department is directed to modify appropriate regulations to provide that the due date for filing this report will be...