August 20, 2015
On July 31, 2015 President Obama signed into law a transportaion bill, providing funding for highway transportation issues and veterans healthcare. The bill also included some unexpected modifications to tax return and extension dates.
The most notable changes come to the filing deadlines for partnerships and C corporations. Both due dates have been altered by one month with partnerships having to file one month earlier, and C corporations gaining a month. This makes partnership due dates March 15 for a calendar year or the 15th day of the third month following the close of the fiscal year. C corporations now have to file by the 15th of the fourth month following the close of their fiscal year. The good news is both are allowed a six month extension (in most cases) through 2026.
The new due dates apply to the taxable years following December 31, 2015, so generally, this will be a non-issue until you file your 2016 returns in 2017.
If you have any questions, please call the office at 541.388.7888.
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The IRS requires you to keep your records that support an item of income or deduction on a return until the period of limitations for that returns runs out. The period of limitations is the period of time in which you can amend your return to claim a credit or refund, or the IRS can assess additional tax.
Period of Limitations: