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Be Ready to Pay Your Taxes Earlier or It Will Cost You More

The due dates for Corporate, Partnership and Foreign Bank Account Reporting (“FBAR”) tax returns have all changed. Congress snuck in these sweeping changes in H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 at the end of last month. Enacting a change that impacts entrepreneurs on a global scale in an law about something entirely unrelated seems disingenuous, at best.

The important changes starting after December 31,2015:
Partnership Tax Returns (“1065 Tax Returns”) are due March 15. This is a month earlier than our original due date.
Corporate Tax Returns (“1120 Tax Returns”) are due April 15. This is a month later than our original due date.
FBAR Tax Returns (“FinCen Form 114”) are due April 15. This is about two months earlier than our original due date. The FBARs are now permitted to apply for automatic six-month extensions, similar to corporate and partnership tax returns.

Partnerships are charged late filing penalties of $200 dollars per partner for each month filed late. The IRS will bill you for the entire month, even if it is only one day late. Corporations are charged late filing penalties of 5 percent on the amount of taxes owed or a minimum of $135 dollars if it is filed more than 60 days late. FBAR late filing penalties are stiff and depends on the amount of money left unreported. This can be up to 50 percent of the money unreported each year.

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