This gives individual partners an extra month to receive the necessary information from their partnerships to report on their personal tax returns. Thus, a calendar year partnership now has to file by March 15. Under the new law, it will be easier for individual partners of partnerships to file because the partnership due date was moved to the 15th day of the third month after the end of the tax year. Those with partnership interests receive a Schedule K-1 reporting their taxable share of profits.Д«ecause these due dates coincided, partners often had to file for an extension on their individual returns because their Schedule K-1 reporting crucial partnership information did not arrive until after the due date. Previously, partnership tax returns were due by the 15th day of the fourth month after the end of the tax year вЂ“ so the due date for calendar year partnerships was the same as for individual tax returns, typically on April 15.ДЄ partnership is a вЂњpassthrough entity,вЂќ meaning that tax on profits is paid by the partners, rather than by the company itself. Why the Change in Tax ? Read OnвЂ¦ Partnerships For filing season 2017, the actual due date for returns normally due on April 15 will be April 18, 2017. Note: Any year in which a tax return due date falls on a weekend or federal holiday, the due date is moved to the next available business date. Here are some important dates вЂ“ based on the entity type, return, prior due date and current due date: Tax Return Due Date For Calendar-Year Businesses The law alters some business filing deadlines and takes effect starting with tax year 2016 tax returns filed in 2017. While the bill focused on highway infrastructure funding, it actually has a large impact on tax return filing. The Surface Transportation and Veterans Health Care Choice Improvement Act was passed over a year ago.

Hr block 2016 tax extension