President Obama on 31 July signed into law the “highway bill”—H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015—that extends the highway trust fund authorization through 29 October 2015, and provides $7 billion in additional funding. The new revenue is provided by a number of compliance-related tax provisions, including a provision changing tax filing deadlines and requiring the IRS to modify certain regulations governing due dates and extensions for returns for tax years beginning after 31 December 2015.
Provisions of particular interest to exempt organizations include requiring the following modifications to the regulations:
When these changes take effect in tax years beginning in 2016, exempt organizations generally will be able to fully extend the due date of their returns (e.g.,15 November for calendar year taxpayers and 15 May for taxpayers with a 30 June year-end) through filing only one six-month extension as compared to the current requirement to file two, separate three-month extensions.
Read more about the new legislation, including provisions about the new filing dates for partnerships and C corporations and extensions for numerous other forms, including FBARs and Forms 5227 at TaxNewsFlash-United States.
For more information, contact:
D. Greg Goller | +1 (703) 286-8391 | firstname.lastname@example.org
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