CategoryTax Day

New Partnership and Corporate Tax Return Filing Dates Now in Effect

New law ahead road signBy:  Amanda Wilson

As I previously discussed (here), the federal tax due date for partnership and corporate tax returns changed for tax years on or after 2016.  This means that the new filing deadlines are now in effect.  Partnership and S corporation tax returns are due a month earlier on March 15th, while corporate tax returns are now due a month later on April 15th.  In other words, you need to file any partnership or S corporation tax returns, or file for an extension, by Wednesday.

 

New Tax Filing Deadlines for Partnerships and Corporations

New law ahead road sign

New law ahead road sign

By:  Amanda Wilson

Last Friday, President Obama signed into law a bill that provides temporary funding for the highway trust fund.  Buried in the law are several permanent changes to the tax code that are unexpected.  Specifically, the deadline for filing tax returns for partnerships and S corporations has been moved up a month, from April 15th to March 15th.  The deadline for filing tax returns for corporations has been moved back a month, from March 15th to April 15th.  These changes will apply for tax returns due for tax years starting in 2016.

Clinton Outlines Her Capital Gains Rate Hike

Magnifying Glass and TaxBy:  Amanda Wilson

Following up on my post from last week, presidential candidate Hillary Clinton has now provided more specific information on her proposed capital gains rates hike.

For high income filers (couples making at least $465,000 a year), the current 20% capital gains tax rate would not be available for investments held only for one year.  Instead, the following rates would apply:

  • 39.6% tax rate for investments held more than 1 year but less than 2 years
  • 36% tax rate for investments held more than 2 years but less than 3 years
  • 32% tax rate for investments held more than 3 years but less than 4 years
  • 28% tax rate for investments held more than 4 years but less than 5 years
  • 24% tax rate for investments held more than 5 years but less than 6 years
  • 20% tax rate for investments held 6 or more years

The existing 3.8% Medicare contribution tax would also continue to apply.

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