WASHINGTON TAX BRIEF September 16, 2015

Transcription

1 WASHINGTON TAX BRIEF September 16, 2015

2 Administrative Notes Adjust your volume Be sure your computer s sound is turned on. Click this blue button. Slide the control to the left or right to fit your needs. Ask your questions Feel free to submit content-related questions to the speakers by clicking this red button. Someone is available to assist with your technology questions. Download your materials Access today s slides and learning materials by clicking this green Resources button at any time during this presentation. If you need help accessing these materials, send a message through the Q&A application. Note: There is no CPE credit available for this webcast. 2

3 Today s Presenters Troy Lewis Chair Tax Executive Committee Amy Wang Senior Technical Manager Tax Advocacy Jonathan Horn Lead Technical Manager Tax Advocacy 3

4 About the Washington Tax Brief Webcast series to update you on: The regulatory and political environment for tax issues AICPA s advocacy efforts to: - protect your professional interests - support sound tax policy - promote effective tax administration Open to all AICPA members Open to all State Society staff and committee members 4

5 Today s Topic New Tax Return Due Dates Member Driven Proposal History New Rules Unchanged Dates Outreach Member Concerns Q&A 5

6 Member Driven Proposal Historical Member Concerns Our Call to Action New Due Dates 6

7 Member Driven Proposal Promote chronologically correct flow of info from pass-throughs to their owners Encourage individuals to file by 4/15 and facilitate timely receipt of schedules K-1 by end users Improve accuracy of tax returns Simplify tax administration for government, taxpayers and practitioners 7

8 History: Legislative Action 2006 Idea of restructuring due dates 2008 IRS issued temporary and proposed regulations on extended due dates 2010 Letter and draft statutory language delivered to tax committees 2011 Senator Enzi and Rep. Jenkins introduced similar legislation 8

9 History: Legislative Action 2013 Due Dates bill re-introduced in House and Senate Rep. Camp released a small business tax reform discussion draft Senate Finance Committee released a tax reform options paper and discussion draft 2014 Camp released comprehensive tax reform discussion draft President released Administration s FY15 Revenue Proposal 9

10 History S. 845 Enzi / H.R Jenkins / S. 420 Enzi / H.R. 901 Jenkins SFC Discussion Draft Camp Discussion Draft H.R Section

11 New Rules New due dates go into effect for the 2017 Tax Filing Season Tax Year 2016 (Tax years ending after 12/31/2015) C Corporation due dates have special transition rules through

12 New Rules: Individual Form 1040 Current Law Original Due Date April 15 Extended Due Date October 15 New Law No Change 12

13 New Rules: Partnership Form 1065 Current Law Original Due Date April 15 Extended Due Date September 15 New Law Original Due Date March 15 Extended Due Date September 15 13

14 New Rules: S Corporation Form 1120S Current Law Original Due Date March 15 Extended Due Date September 15 New Law No Change 14

15 New Rules: Trust and Estate Form 1041 Current Law Original Due Date April 15 Extended Due Date September 15 New Law Original Due Date April 15 Extended Due Date September 30 15

16 New Rules: C Corporation (Calendar Year) Form 1120 Current Law Original Due Date March 15, Extended Due Date September 15 New Law Before January 1, 2026 Original Due Date April 15, Extended Due Date September 15 After December 31, 2025 Original Due Date April 15, Extended Due Date October 15 16

17 New Rules: C Corporation (June 30 Fiscal Year) Form 1120 Current Law Original Due Date September 15, Extended Due Date March 15 New Law Before January 1, 2026 Original Due Date September 15, Extended Due Date April 15 After December 31, 2025 Original Due Date October 15, Extended Due Date April 15 17

18 New Rules: Exempt Organizations Form 990 Current Law Original Due Date May 15 1 st Extended Due Date August 15 2 nd Extended Due Date November 15 New Law Original Due Date May 15 Extended Due Date November 15 18

19 New Rules: Foreign Trusts and Receipt of Certain Foreign Gifts Form 3520 Current Law Original Due Date April 15 Extended Due Date October 15 New Law No Change 19

20 New Rules: Foreign Trusts with a U.S. Owner Form 3520-A Current Law Original Due Date March 15 Extended Due Date September 15 New Law No Change 20

21 New Rules: FinCEN Report 114 (FBAR) Current Law Original Due Date June 30 Extended Due Date None allowed New Law Original Due Date April 15 Extended Due Date October 15 21

22 New Rules: Information Returns (i.e., W-2 and 1099s) Current Law Employer/Payor Filing to IRS & SSA February 28 and March 31 if filed electronically Recipient/Payee Receipt by generally January 31, except 1099-B and Composite 1099s on February 15 New Law No Change 22

23 Unchanged Dates S Corporations Form 1120S Individual Form 1040 Foreign Trusts with a U.S. Owner Form 3520 Form 3520-A Information Returns i.e., W-2 and 1099s Other Returns Forms 4720, 5227, 6069,

24 Outreach Member Comments Received and analyzed over 300 comments from members Member Surveys Tax Volunteer Committees Obtained feedback from several Tax Technical Resource Panels Government Treasury IRS State Departments of Revenue Office of the National Taxpayer Advocate 24

25 Member Concerns Impact on preparers of partnership returns Impact on taxpayers Impact on tax exempt organizations New due dates summary chart (PDF) 25

26 Questions 26

27 Upcoming Events Join us for our next Washington Tax Brief: Wednesday, Oct. 21 from 12:00 1:00 pm ET (no CPE available; free event to everyone) Other Upcoming Events ACA Issues for Employers, Sept. 23 from 1:00 2:45 pm ET (2 CPE hours) Managing Toxic Clients: When to Rehabilitate Vs. Terminate, Sept. 30 from 1:00 2:45 pm ET (2 CPE hours) AICPA National Tax Conference, Nov. 2 Nov. 3 in Washington, DC (18 CPE hours) 27

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