There are big changes coming regarding tax return filing deadlines for tax year 2016 (filing in 2017). The President just signed a new highway bill that changes due dates for the following returns:
Partnerships will be due on 3/15 instead of 4/15. They can be extended to 9/15 (6 months).
Corporations will be due on 4/15 instead of 3/15. They can be extended to 9/15 (5 months).
Trust returns will be eligible for a 5 1/2 month extension
Non-profit returns will get a 6 month extension instead of two 3 month extensions
The Foreign Bank account returns will be due on 4/15 instead of 6/30
While we still have one more year of tax return filing deadlines under the current law, we wanted to make you aware that these changes are coming. We will send out reminders again as we get closer to the new deadlines.
Kansas Residents - Credit for Taxes Paid to Kansas City, MO
After the recent US Supreme Court Ruling, the Kansas Department of Revenue recently advised that they will allow the credit for taxes paid to other states to include Kansas City, MO earnings tax. If you were a resident of Kansas and paid taxes to Kansas City for the tax years 2011 and 2012, you may be able to file an amended return claiming this credit and requesting a refund.
Our team is currently reviewing all of our clients to determine the individuals that may be eligible for filing an amended return under this recent change. We will be contacting those clients directly to discuss. If you have any questions or would like additional information, please contact one of our CPAs.
Employer Provided Health Insurance
We would like to remind all of our clients with employees about the changes to paying for employee health insurance. As of June 30, 2015, small employers should not pay for or reimburse an employee for individual health insurance policy premiums. Doing so may result in penalties of $100 per day per employee excise tax (up to $36,500 per year per employee). (Please note this is only in regards to individual plans and does not impact the treatment of employer group plans.) If you have questions regarding this ruling, please contact us or check out irs.gov/Affordable-Care-Act/Employer-Health-Care-Arrangements.