Recent legislation, designed to provide short-term funding for highways and transit programs, also changed corporate and retirement plan tax filing deadlines. Keep reading to find out how this legislation impacts you.
These changes began January 1, 2016. For retirement plans, the extended due date of the Form 5500 will be one month later, 10½ months after the plan year end. Plan sponsors, auditors, and plan consultants will have one extra month to complete the annual administration and compliance work for these plans.
For some business owners, there is also good news. If you are a C Corporation, the due date without extension for your corporate tax return will be extended to 3½ months after the close of the fiscal year. (This extension does not apply if your fiscal year ends 6/30). However, if you are a Partnership or S Corporation, your tax filing due date will be accelerated by one month to 2½ months after the end of the fiscal year—instead of the current 3½ months.
We want to help you navigate through these and other complicated tax regulations. Please contact your plan consultant for additional guidance on how this legislation may specifically impact you, your plan, and your employees.