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Reminder: Partnership and S Corporation Returns Due Tomorrow

By:  Amanda Wilson

As I previously discussed (here), the federal tax due date for partnership and corporate tax returns changed a few years ago.  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, if you were thinking you have until April 15th to file your partnership or S corporation tax returns, you need to file for an extension tomorrow.

WH: Trump Pushing for 15% Corporate Tax Rate and Repeal 3.8% NIIT

Magnifying Glass and Tax

By:  Amanda Wilson

The White House announced today that reducing the corporate income tax rate to 15% and repealing the 3.8 % net investment income tax are top priorities for tax reform.  The 3.8% NIIT was implemented as part of ACA/Obamacare and apply to passive income (e.g., interest, dividends, capital gains) received by high net worth individuals.

It is unclear whether President Trump will be more successful in tackling tax reform than he was in repealing ACA/Obamacare.  Stay tuned!

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.

 

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