RSW
Bookkeeping
&
Tax Services
Over 20
years experience
Providing a full range of accounting services since 1990
Rosa Sanchez Werden
 
Phone:  (323) 832-9866
rsw1040@earthlink.net
January 28,2016
 
Tax Refunds:
 
The IRS sent out a reminder that it "issues 90 percent of refunds in less than 21 days".  Taxpayers can go to www.irs.gov and use the "Where's my Refund" tool, or use the IRS2Go phone app.
Changes in Due Dates of Partnership and Corporate Returns: 
 
Under the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, in a major restructuring of entity return due dates, effective generally for returns for tax years beginning after Dec. 31, 2015 :
 
For Tax Years 2016 and beyond:
 
Partnerships and S corporations will have to file their returns by the 15th day of the third month after the end of the tax year. Thus, entities using a calendar year will have to file by Mar. 15 of the following year. In other words, the filing deadline for partnerships will be accelerated by one month; the filing deadline for S corporations stays the same.
 
C- Corprations starting in 2016 will  now have an extra month to file:
 
C corporations will have to file by the 15th day of the fourth month after the end of the tax year. Thus, C corporations using a calendar year will have to file by Apr. 15 of the following year. In other words, the filing deadline for C corporations will be deferred for one month. (Under a special rule, for C corporations with fiscal years ending on June 30, the rule change won't apply until tax years beginning after Dec. 31, 2025.)