With new year, new taxes are upon us. In this post, we have discussed all the deadlines to file your tax returns on time.
Filing your taxes costs your money and time. Before noticing all these details, you must consult an experienced CPA who can save your money and make your life at ease.
Learn more about tax services and how our CPA firm can help you save tax through tax planning and tax savings strategies.
In Case Of Fiscal Year Tax Filers:
In case of Partnerships and S-Corporations, the due date for filing will be 15th of the third month post completion of their tax year. There will be no change in the filing date in case of S-Corporations.
C-Corporations will have to file their returns on 15th of the fourth month post completion of their tax year. C-Corporations, whose fiscal year ends on 30th of June, can now postpone their due dates until 31st December, 2025. Those with Employee Benefit Plan can file their returns on the last day of the seventh month post completion of their plan year.
Whether you are an individual, Partnership, S-Corporation, or a C-Corporation, it is important to confirm the due dates for tax filings in your state. This is because your state may have set different due dates that may not be similar to Federal Due Dates.
Let’s take a look at various changes that have been introduced in the new Tax Filing Guidelines:
In case of Form 1065 (partnership income), the extension period has been updated to six months instead of five months.
In case of Form 1041 (Estates and Trusts), the extension period has been updated to five and a half months instead of five months, i.e. extra two weeks.
Those with Employee Benefit plans will get an automatic extension of maximum three and a half months.
In case of Fin CEN 114 – FBAR (foreign banks and financial accounts), the due dates will be similar to that of individual form 1040 with a permitted extension period of six months. In this way, the FBAR and Individual reporting will be aligned.
In case of Form 990 Series, the automatic extension period has been updated to six months instead of three months, ending on 15th November for the calendar year filers.
That was all you needed to know about the latest changes in Tax Filings and now you don’t have to worry about anything. So, feed all these points to your brain and keep yourself away from the wrath of IRS.
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