According to a recent IRS news release, the due date for certain business returns will be cut from six months to five. The change is an effort by the IRS to assist personal tax payers with the burden of preparing their personal tax return by the extension deadline. The current business extension due date of October 15th is being changed to September 15th and provides individual tax payers time to receive certain schedules that are needed to prepare personal returns due a month later.
Does this affect your small business and you?
It all depends on your business organization. For S-Corp owners there is no change as the six month extension deadline already falls on September 15th. Be sure to speak to your tax advisor to see if the change affects you.
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