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Posted: Jan 18, 2017

 New Due Dates Could Ease Partnership Frustrations in 2017 Filing Season

Have you been frustrated in the past due to complications in finalizing your return because scattered filing dates made it difficult to gather the information you needed when you needed it? In earlier tax years, that was particularly true for individuals or organizations that were partners in partnerships or other “pass-through entities.” There should be relief in the coming tax season, however, because of new federal legislation that better aligns due dates. In addition, many states have changed their return filing due dates so that they coincide with federal filing dates. For example, Schedule K-1s must now be filed by March 15 (or September 15 for extensions), but other forms are also affected. The new dates can make it easier to include information reported on a K-1 in a personal or business return.

These changes were long advocated by the accounting profession, because we’re always looking out for the best interests of our clients and the public. Be sure to contact us with any questions on what the new dates might mean for your return or about any of your financial concerns.