Upcoming Deadlines and Changes to Kansas Tax Law
Tuesday, April 18, 2017
Individuals – File Form 1040 (unless requesting an extension) and pay any tax due
C Corps – File Form 1120 for calendar year and pay any tax due (unless requesting an extension)
Household Employers – File Schedule H with your Form 1040 if you paid $2,000 or more to a household employee
Foreign Bank account holders – File Form FinCEN 114 if you meet the reporting requirements
Individual and Corporations – Pay 2017 1st quarter estimated tax as applicable
Trust and Estates – File Form 1041 for calendar year (unless requesting an extension) and pay tax due
Monday, May 15, 2017
Exempt Organizations – File Form 990 for calendar year (unless requesting an extension)
Individual and Trust Returns
Thank you to all of our clients who have already provided their tax information. For those individuals and trusts who have not yet provided all of their tax information please do so as soon as possible.
In order to make your life easier (and to help our document preparation process run quicker) we ask that you avoid using paper clips and staples to sort your documents. You do not even need to separate or sort your documents. We can handle all of that for you.
Partnership and S-Corp Returns
The due date for filing Forms 1120S and 1065 was Wednesday, March 15th. We submitted electronic extensions for all of our clients that did not have completed returns in time for the deadline. The extended due date is September 15, 2017. A copy of the extension is available on your secure Cornerstone portal; please contact our office for instructions if you have trouble logging in.
Changes to Kansas Tax Law
The Kansas legislature is back to square one in exploring possible resolutions to the current budget deficit. In February, the Kansas House and Senate passed a bill to increase the income tax rate and restore taxes on flow-through business income, potentially generating $1 billion over two years. Governor Brownback vetoed the bill and the overrides failed.
What does this mean for Kansas taxpayers? Likely there will not be a tax in Kansas for 2017 for flow-through business entities, so taxpayers may think about deferring deductions to 2018 to save this 4-5% tax next year. We will keep you posted on any developments, so stay tuned.