New Tax Filing Deadlines are Here
Filing deadlines for federal income tax returns don’t change often. But when they do, the changes throw a wrench into everyone’s world. The IRS has made several changes to filing deadlines that go into effect this tax filing season. Let’s not get into the details of why the changes were made. Instead, let’s focus on the changes themselves. Here are the new dates that you need to get used to (please note that I am only including deadlines that fall on calendar-year-ends).
So what are the big takeaways? Partnership returns are due a month earlier. This makes sense because you can’t file your individual returns without the important K-1s. This is gonna catch a lot of people by surprise. Make sure you are working with your tax preparer to get your return filed sooner or your extension filed on time. And if the moved up 1099 deadlines have taught us anything this year, it’s that IRS systems get overloaded pretty easily with big changes. I’ll be filing for my clients a little early to avoid logjams and uncertainty.
The next big takeaway is the automatic 6-month extension for exempt organizations. No more filing those pesky 3-months extensions. This is a welcome change.
Make sure you use this information to get those returns or extension filed timely. The late filing penalties are incredibly high!