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Federal Automatic Six-month Extension for C Corporations

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 established new due dates for Form 1120 (U.S. Corporation Income Tax Return). For tax years beginning after December 31, 2015, the Form 1120 due date is generally April 15 for calendar-year corporations, with an automatic five-month extension allowed (to September 15). However, under Internal Revenue Code (IRC) Section 6081(a), the IRS may grant a reasonable extension (generally limited to six months) for filing any return. The IRS has released draft instructions for Form 7004 (Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns) that grant an automatic six-month extension (to October 15) to calendar-year C corporations rather than the statutory five-month extension. It appears that the IRS is using its authority under IRC Section 6081(a) to allow for a longer extension period.

Most of the states had conformed to the change in the federal due date for the C corporations. However, there are few states that have not conformed to the change. Please visit the AICPA website for the updated status on state conformity at www.aicpa.org.

For more information about this article, please contact our tax professionals at taxalerts@windes.com or toll free at 844.4WINDES (844.494.6337).

 

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