New 2017 Partnership Tax Return Deadline!

NEW TAX CHANGE FOR THIS YEAR!! The partnership 1065 tax return for the 2016 tax year is now due on March 15^th for 2017 and beyond.  The deadline previously was April 15^th.  The deadline has been changed to allow partnerships ample time to disseminate the schedule K-1 information form to their partners in a timely fashion. The schedule K-1 form reports the partner’s share of the partnership’s income, deductions and credits.  Partnerships must have the Schedule K-1’s to the partners on March 15^th.  That gives the partners of partnerships ample time in which to prepare their tax returns by April 15^th when individual tax returns are due. Additionally Vermont partnerships must submit the annual entity fee of $250 by the March 15th advanced deadline.

This change was signed into law in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.  The new due dates create a more logical progression of information to aide taxpayers and tax professionals in filing timely and accurate returns.  Prior to this change many taxpayers estimated the K1 information in order to file their return, which generally resulted in the need to file an amended return, or prepared their individual tax return on extension. This also advances the extensions deadline for partnerships up one month from October 15^th to September 15^th for each year. It is important that partnerships gather their financial information as early as possible to meet this new deadline.  

For additional information or clarification please contact any Financial Service Representative here at Yankee Farm Credit, ACA or your tax advisor.