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Important Changes for the 2017 Tax Filing Season for all Calendar Year Law Firms

Anchin AlertJanuary 5, 2017Russell B. Shinsky, CPA, CGMA and  Steven D. Lando, CPA 
Anchin's Law Firms Industry Group
Important Changes for the 2017 Tax Filing Season for all Calendar Year Law Firms

The Highway Act legislation gave rise to sweeping changes for the 2017 tax season due dates for filing both original tax returns and extensions. The changes (generally effective for taxable years starting after 12/31/15) that impact calendar year Law Firms are as follows:

Partnerships/LLP’s:
Federal Form 1065 Partnership returns – due MARCH 15th, 2017 (previously April 15th); Extended due date September 15th, 2017 (unchanged),
NY Partnership Returns – due March 15th, 2017 (conforming to federal)
NY LLC Fee – due March 15th, 2017 (previously 60 days after year-end)
NYC Partnership Returns - due March 15th, 2017 (conforming to federal)

C Corporations:
Form 1120 Corporate returns – due APRIL 18th, 2017 (previously March 15th); Extended due date September 15th, 2017 (unchanged) [Note – special rules apply to certain fiscal year filers],
NY Corporate returns – due April 18th, 2017; extended due date October 16th, 2017
NYC Corporate returns – due April 18th, 2017; extended due date October 16th, 2017

S Corporations:
Form 1120S Corporate returns – due March 15th, 2017; Extended due date September 15th, 2017 (both unchanged)

Other Returns:
Forms W-2 and 1099’s – to be filed with the IRS by January 31st, 2017 (previously February 28th)

Foreign Bank Account Reporting (FINCEN 114) must now be filed electronically by April 18th, 2017 (formerly, June 30th) with extensions available to October 16th.

While many states have enacted conformity legislation to parallel the above filing deadlines, e.g. – CA, NYS/NYC, other states, e.g. – CT/NJ have not yet released guidance.

Many firms work feverishly into February and March to finalize pension / profit sharing contributions, partner allocations of income and state and local apportionment information. As such, it is anticipated that many Partnerships / LLC’s that historically filed between March 15th and April 15th will need to file extensions for the 2016 tax returns even if they will get returns, and K-1’s if applicable, submitted by April 18th. For firms filing composite or requiring non-resident withholding in certain states, accurate estimates will still be needed before March 15th in order to file and pay taxes with the extensions.

If you have any questions on the above, please reach out to your Anchin relationship partner, or Russell B. Shinsky or Steven D. Lando at 212.840.3456.

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