Recent Changes to Tax Filing Dates
As the Tax Extenders bill deteriorated earlier this year in Congress, another bill, the short term extension of the mass transit and highway funding bill, was promptly introduced. The filing date changes were signed by President Obama on July 31, 2015 as part of a momentary highway funding measure, lengthening for three months the federal highway and transit program authorization.
The purpose of the bill, coined the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, was to grant supplementary infrastructure sending. The act also changes tax filing due dates for certain taxable entities.
The alterations made by the legislation affect taxpayers differently and is reliant on the type of entity and when its tax year ends. Certainly, for any taxpayer with a short tax year beginning after December 31, 2015, these modifications will have a more instantaneous effect. Therefore, taxpayers will want to examine their return-filing processes and decide what alterations might be required to take the new filing dates into justification.
The change in due dates also effects the Report of Foreign Bank, FinCEN Form 114, and Financial Accounts (FBAR), and several other IRS information returns.
If you are interested in claiming the R&D Tax Credit this financial year, contact us today for an estimate or more information.