With the start of the new year, the next tax season is now upon us. The Internal Revenue Service (IRS) announced they will begin processing returns on Monday January 29, 2018. The IRS will begin accepting paper and electronic tax returns that day as well, with more than 155 million individual returns expected to be filed. Although paper tax returns will be accepted the same day as electronic, the IRS will not begin processing them until mid-February as system updates continue. The IRS strongly encourages taxpayers to file their returns electronically for faster refunds.
The filing deadline for individual 2017 returns is Tuesday, April 17, 2018. The adjustment to Tax Day is due to the rule that whenever a regular tax filing date falls on a Saturday, Sunday, or a legal observed holiday in the District of Columbia, the due date for returns is pushed to the next business day. Additionally, Monday, April 16, 2018, is Emancipation Day. In 2018, several due dates will be adjusted because of this rule.
Although it feels like extra time, 2018 will be a shorter tax season due to the delayed start. With tax season starting a week later, we will be facing a season of only 79 days as compared to the 2017 tax season of 86 days. In addition to the delayed start, the current law prevents the IRS from issuing refunds for any taxpayer claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until mid-February.
It is important to take note of the upcoming deadlines for calendar year tax returns reporting 2017 information that are due in 2018. The following due dates will apply.
Thursday, March 15, 2018
- Partnership returns (Form 1065)
- S-Corporation returns (Form 1120S)
Sunday, April 15, 2018
- Foreign Bank Account Reports (FinCen Form 114)
Tuesday, April 17, 2018
- Individual tax returns (Forms 1040, 1040NR, 1040A, and 1040EZ)
- Trust and Estate income tax returns (Form 1041)
- C-Corporation returns (Form 1120)
Tuesday, May 15, 2018
- Nonprofit tax returns for December 31-YE (990)
Tuesday, July 31, 2018
- Employee benefit plan returns (5500)
Monday, September 17, 2018
- Partnership returns extension (Form 1065)
- S-Corporation returns extension (Form 1120S)
Monday, October 1, 2018
- Trust and Estate income tax returns extension (Form 1041)
Monday, October 15, 2018
- Foreign Bank Account Reports extension with Form 1040 (FinCen Form 114)
- Individual tax return extension (Forms 1040, 1040NR, 1040A, and 1040EZ)
- C-Corporation returns extension (Form 1120)
- Employee benefit plan returns extension (5500)
Thursday, November 15, 2018
- Nonprofit tax returns for December 31-YE extension (990)
For fiscal year filers:
- Partnership and S Corporation tax returns will be due the 15th day of the third month after the end of their tax year. The S Corporations filing date remains unchanged.
- C Corporation tax returns will be due the 15th day of the fourth month after the end of the tax year.
- Employee Benefit Plan tax returns are due the last day of the seventh month after the plan year ends.
Due Dates for Quarterly Estimated Payments
Individuals & Fiduciaries
- First payment: April 17, 2018
- Second payment: June 15, 2018
- Third payment: September 17, 2018
- Fourth payment: January 15, 2019
Year End C Corporations
- First payment: April 17, 2018
- Second payment: June 15, 2018
- Third payment: September 17, 2018
- Fourth payment: December 15, 2018
If you have any questions about the upcoming due dates and the impact on your tax filings, please call us at 630.954.1400.
