This Alert highlights the 2016 federal income tax return filing dates for partnerships and corporations. (For discussion of 2016 state income tax return filing due dates, see Tax Alert 2017-0259.)

In reviewing the extended due dates for C corporation returns, taxpayers should note that the IRS has announced, via revised instructions for Form 7004, that C corporations may automatically extend their return due date six months, rather than the five months allowed under Section 6081(b).

Federal income tax return due dates and extension periods

US Return of Partnership Income (Form 1065) and US Income Tax Return for an S Corporation (Form 1120-S): due date will be the 15th day of the third month following the close of the fiscal year with a maximum extension period of six months.*

The following table summarizes the original due dates and extended due dates for US Return of Partnership Income (Form 1065) and US Return S Corporations (Form 1120-S):

1065/1120-S

US Corporation Income Tax Return (Form 1120) General Rule — due the 15th day of the fourth month (rather than the third month) following the end of the corporation's tax year. Automatic six-month extension is granted.* Short-period and fiscal-year filings follow the general rule. Exceptions to the rule include corporate returns with a June 30th year end and calendar year-end corporations. June 30 year ends will remain with an original due date of September 15 and will be granted a seven-month extension to April 15. Calendar-year ends will now be due on April 15 and will be granted a six-month extension.

Although Section 6081(b) provides a five-month automatic extension period for calendar-year C corporations, the IRS is granting a six-month automatic extension under Section 6081(a) instead. The new revision of the Instructions for Form 7004 reflects this change.

To assure taxpayers that the six-month extension is valid, the IRS included the following statement in the latest revised instructions: "The IRS wants to reassure the tax professional community that the information is correct in the Form 7004 instructions regarding the automatic [six]-month extension. Information regarding Form 7004 and its instructions is available at IRS.gov/form7004."

The due dates changes apply to all 1120 entity types, with the exception of 1120S.

The following table summarizes the original due dates and extended due dates for US Corporation Income tax return (Form 1120)

1120

FinCEN Report 114 (relating to reports of foreign bank and financial accounts) must be received by the Department of the Treasury on or before April 15 of the year immediately following the calendar year being reported. FinCEN will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year. Accordingly, specific requests for this extension are not required. Note the report must be received by FinCEN no later than October 15.

* All automatic extensions mentioned in this Tax Alert, with the exception of FinCEN report, require the filing of an extension request with the relevant authority.

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