News

                                                                                                          (updated 7/26/2017)

2017 Tax Season Highlights:


 



Due Date Changes for C Corporations & Partnerships

H.R. 3236 was signed into law on 7/31/2015, modifying the due dates for the annual tax returns for Partnerships & C Corporations in order to make the information flow among the various returns more logical.

For tax years beginning after 12/31/2015, Partnerships will be due on the 15th day of the 3rd month (or March 15 for calendar years).  Likewise, C Corporations will be due on the 15th day of the 4th month (or April 15 for calendar years).  Both will have maximum 6-month extensions available.

Exceptions to C Corps:
  • Calendar year C Corps will only have 5 month extensions available until tax years beginning after 12/31/2025. (Revised 2/8/2017 by the IRS: Calendar Year C Corps allowed 6 month extension)
  • C Corps with 6/30 year-ends will have 7 month extensions available until tax years beginning after 12/31/2025.
  • These new due dates do not apply to C-Corps with 6/30 year-ends until tax years beginning after 12/31/2025.

 


Tax Extenders Bill Passed by Congress:

On 12/15/15, Congress made certain credits permanent and extended others for 2 or 5 years.  The following were made permanent:
  • Enhanced child tax credit 
  • Enhanced American opportunity tax credit
  • Enhanced earned income tax credit
  • Deduction for certain expenses of elementary & secondary school teachers
  • Deduction of State and local general sales taxes
  • Increased expensing limitations and treatment of certain real property as section 179 property
The following were extended through 2019:
  • Work opportunity tax credit
  • Bonus depreciation (phaseout: 50% in 2017; 40% in 2018; 30% in 2019)
The following were extended through 2016 (unless Congress acts to extend these further, these will not be available for 2017 or future tax years):
  • Exclusion from gross income of discharge of qualified principal residence indebtedness
  • Mortgage insurance premiums treated as qualified residence interest
  • Above-the-line deduction for qualified tuition and related expenses