The American Institute of CPA’s has long recognized the problem of the late receipt of Form K-1’s for many taxpayers and their return preparers. On February 28, 2013, legislation was introduced in the 113th Congress that was suggested by the AICPA to address this.
As drafted the original tax return due dates would change as follows:
- Form 1065 would be due on March 15
- Form 1120S would be due on March 31
- Forms 1040, 1041, and 1120 would be due on April 15
- Foreign Trusts with a U.S. Owner Form 3520-A and FBAR Form TD F 90-22.1 would be due April 15
Additionally, the extended due dates would change as follows:
- Forms 1065, 1120S, 1120 and 1040 would still retain a 6 month extension
- Form 1041 would be extended 5.5 months to September 30
- Form TD F 90-22.1 and Form 3520-A would be extended 6 months to October 15 (and for the TD F90-22.1, the Secretary of Treasury could waive penalties for first time failure to file an FBAR extension request)
- Exempt Organizations Forms 990 (series), 4720, 5227, and 8870 would be allowed a 6 month extension to November 15
- Employee Benefit Plans Form 5500 would be allowed a 3.5 months extension to November 15
- Form 3520 would be allowed to be extended separately from the owner’s tax return
These changes would be effective for the 2014 tax years and the 2015 tax filing season.
More information on this topic at: AICPA.org