New Partnership 1065 Due Date Effective for 2017 Tax Season

As a result of a new bill signed into law last year, there will be a new due date for partnership tax returns effective for 2016 returns (in the 2017 tax season).

Beginning in the 2017 tax season (for the current tax year 2016) the new due date for partnership returns will be March 15 (for calendar-year partnerships) and the 15th day of the third month following the close of the fiscal year (for fiscal-year partnerships). The act directs the IRS to allow a maximum extension of six months for Forms 1065, U.S. Return of Partnership Income.

The new due date will apply to returns for tax years beginning January 1, 2016.

What does it mean to Davis & Hodgdon clients? The new due date will result in an earlier deadline for data collection at tax time and we will send you communications and reminders well in advance of those deadlines.