Newsletter

Newsletter

New Due Dates for 2017- Partnerships are due earlier.

Under new law there have been several changes to due dates for some federal tax returns which are effective for the 2017 filing season. Some entities must file earlier for 2017 while others were provided later due dates. The new dates are intended to allow for earlier access to K-1s. Both pass through entities are now due earlier, which makes for a much more logical and efficient order of preparation. New Mexico will follow federal due date date changes so federal and state may consistently be filed together.

Returns with earlier due dates are Form 1065 Partnership return now due March 15 instead of April 15 with fiscal year partnerships due the 15th day of the third month following year end.

FinCen Report 114 (FBAR) now due April 15 instead of June 30, however for the first time, taxpayers will be allowed an extension to October 15. This extension is automatic! The automatic extension in effect pushes the filing date up to October 15.

C Corporations form 1120 is now due later: April 15 instead of March 15. In most cases fiscal year corporations are now due the 15th day of the fourth month after the year end. New Mexico will follow these federal changes allowing you to file both returns at the later date.

There will be no change to individual income tax returns 1040 or to S-Corporations Form 1120-S

In sum, since Partnerships face harsh penalties for late filing (195.00 per month late) and failure to timely provide K-1s to each partner (260.00 per partner), they will be the most affected. It's highly recommended to complete partnership financial information earlier in order to be ready for the coming tax season.

Emily Acevedo