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Volume 22; Natural Disaster Leads IRS to Extend Tax Due Date

Posted by Admin Posted on Aug 30 2016

 

ALERT: Natural Disaster Leads the IRS to Extend Tax Due Dates


Written by: Shari McVey

An informational note to our clients to preface the following article:

Becker and Rosen will be abiding to the nationally recognized tax due dates for tax returns and will retain our current deadlines of 2 weeks before the original tax due dates for clients to have their tax prep information submitted to our offices for on time tax preparation. Our firm maintains temporary seasonal hours and staff to help with the extra work tax season brings; we are choosing to stick with our pre-planned tax season timelines out of consideration for our clients and our staff. Currently we urge all of our clients to submit their tax prep information to us as soon as possible so we may insure a timely completion of tax work for them. Clients who choose to submit items to Becker and Rosen after the following dates may be subject to having their returns extended.

1120 and 1120-S returns: March 1st, 2016
1040, 1065, 1041 returns: March 31st, 2016

Federal and State Issued Disaster Extension For 2015 Tax Returns

The dramatic weather and flooding that was experienced throughout Missouri at tail end of 2015 left many families and businesses overcome with difficulty. This series of natural disasters has been acknowledged by the IRS. The following counties were considered federal disaster areas qualifying for individual assistance on account of severe storms, tornadoes, straight-line winds, and flooding that took place beginning on Dec. 23, 2015:

Barry, Barton, Camden, Cape Girardeau, Cole, Crawford, Franklin, Gasconade, Greene, Hickory, Jasper, Jefferson, Laclede, Lawrence, Lincoln, Maries, McDonald, Morgan, Newton, Osage, Phelps, Polk, Pulaski, Scott, St. Charles, St. Francois, St. Louis, Ste. Genevieve, Stone, Taney, Texas, Webster, and Wright counties

NOTE: St. Louis City is not part of this list. St. Louis City residents must abide by the typical national, state, and city recognized filing dates.

On January 22, 2016, the Internal Revenue Service announced the postponement of certain deadlines for taxpayers who reside or have a business in these disaster areas. Missouri’s tax returns are dependent upon federal returns and the State Department of Revenue has determined that a corresponding extension of time to file corresponding Missouri tax returns and payments is necessary as well.

Due dates for qualifying returns have been postponed to May 16, 2016.

This postponement includes 2015 Individual Income, Corporate Income, and Partnership Income tax returns. Also included are the January 15 Individual Income 4th quarter estimated tax payments and April 18 deadlines for making quarterly estimated tax payments for Individual and Corporate Income. Sales/Use Tax, Employer Withholding, Corporate Income and a variety of business tax deadlines are affected, as well as the deadline for farmers and fishermen who choose to forgo making estimated tax payments.

Qualifying Missouri taxpayers, filing a paper return, need to indicate their eligibility for relief by including the phrase “Missouri Flooding” at the top of their tax forms so the Department may take appropriate action. Taxpayers are still encouraged to continue to file electronically as electronically filed returns have fewer errors than paper returns.

A word about how extensions for postponed due dates will work

If you qualify for the due date postponement and there are extraneous circumstances that would require your return to go on extension after the postponed due date of May 16, 2016, the typical corresponding national IRS due dates will still be applicable to your extended return. For instance:

Scenario 1:

The postponed due date of an Individual Income Tax (1040) exemption form and any payments due will be May 16, 2016 but, there will only be an additional 5 month extension granted instead of the typical 6 months. This will set your extended due date to be the same as it would have originally been based on the original April 18, 2016 tax due date. With your approved extension your due date would be October 17, 2016.

Scenario 2:

The postponed due date of a Corporate Income Tax (1120 & 1120-S) exemption form and any payments due will be May 16, 2016 but, there will only be an additional 4 month extension granted instead of the typical 6 months. This will set your extended due date to be the same as it would have originally been based on the original March 15, 2016 tax due date. With your approved extension your due date would be September 15, 2016.

Scenario 3:

The postponed due date of a Partnership Income Tax (1065) exemption form and any payments due will be May 16, 2016 but, there will only be an additional 4 month extension granted instead of the typical 5 months. This will set your extended due date to be the same as it would have originally been based on the original April 18, 2016 due dated. With your approved extension your due date would be September 15, 2016.

Scenario 4:

The postponed due date of a Trust Income Tax (1041) exemption form and any payments due will be May 16, 2016 but, there will only be an additional 4 month extension granted instead of the typical 5 months. This will set your extended due date to be the same as it would have originally been based on the original April 18, 2016 due dated. With your approved extension your due date would be September 15, 2016.

As always if you have questions about the new due dates please feel free to contact our offices or the IRS for more information.


 
 

Important Tax Due Dates to Remember


Here is a recap of important tax due dates to keep in mind for the coming year:

  • March 1, 2016 - Last day to submit tax materials to Becker and Rosen CPAs for on time completion of returns for the Corporate tax due date
  • March 30, 2016 - Last day to submit tax materials to Becker and Rosen CPAs for on time completion of returns for the Individual, Partnership, and Trust tax due date.
  • April 18, 2016 - 2015 Forms 1040, 1041 and 1065 due date, unless extended
  • April 18, 2016 - 2016 1st quarter estimate payment due
  • May 16, 2016 - POSTPONED DUE DATE FOR QUALIFYING RESIDENTS: 2015 Forms 1040, 1041, 1120, 1120s, and 1065, unless return is extended
  • May 16, 2016 - POSTPONED DUE DATE FOR QUALIFYING RESIDENTS: 2016 1st quarter estimate payment
  • June 15, 2016 - 2016 2nd quarter estimate payment due
  • September 15, 2016 - 2016 3rd quarter estimate payment due
  • September 15, 2016 - 2015 Forms 1120, 1120-S, 1041, and 1065 due date, if extended
  • October 17, 2016 - 2015 Form 1040 due date, if extended
  • January 16, 2017 - 2016 4th quarter estimate payment due 

 

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Becker and Rosen CPAs, LLC Disclaimer

This newsletter is intended to provide generalized information that is appropriate in certain situations. It is not intended or written to be used, and it cannot be used by the recipient, for the purpose of avoiding federal tax penalties that may be imposed on any taxpayer. The contents of this newsletter should not be acted upon without specific professional guidance. Please call us if you have questions. 

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