Tuesday, January 31: Up until now, you had to get 1099 forms and W-2 forms out to the recipients by January 31, but you had more time to file the Federal copies with the IRS. Now, even the government copies of the W-2 and 1099 forms need to be filed by the end of January.
Wednesday, March 15: If you operate your business as a partnership, LLC filing as a partnership (Form 1065), S-corporation, or LLC filing as an S-Corporation (Form 1120S), you will need to file your annual tax return by March 15th. Previously, partnerships and LLCs that filed as partnerships had until April 15th to file those returns.
Tuesday, April 18: Thanks to the celebration of Emancipation Day in the District of Columbia, the deadline for filing your personal tax return for 2016 will be April 18, 2017. The first of your four estimated tax payments for 2017 is also due on April 18th, so be sure to plan ahead if you are going to have a balance due with your 2016 return!
Thursday, June 15: Your second estimated tax payment is due for 2017.
Friday, September 15: Your third estimated tax payment is due for 2017.
Monday, October 16: If you file for an extension for your 2016 return, October 16th will be the absolute last day to file your Federal tax return.
Monday, January 15: Your final estimated tax payment for 2017 is due.
The due dates for the 2017 calendar year are as follows:
- Partnerships and S corporate 2017 tax return due dates will have to file their return by the 15th day of the 3rd month after the end of the tax year
- C corporations will have to file by the 15th day of the fourth month after the tax year
- Partnerships returns will have a maximum extension of six months
- Income tax returns and trusts will have a maximum extension of five and a half months (previously 5 months)
- FBAR will have a maximum of 6 month extension ending on October 15th (previously no extensions were allowed)
Reminders for 2017 tax return due dates:
It’s recommended that you always double check with the IRS in regards to the 2017 tax return due dates and deadlines. If you are filing, it’s recommended that you connect with a professional CPA or enrolled agent to have your information reviewed.
If you’re an accounting firm that is collecting tax information, we recommend to call, email, or send a letter at the end of 2016 to remind and inform you clients of any changes, and the required tax information they will need to submit for the 2017 tax due dates.
If you are an accounting firm owner, we recommend that you use the end time frame (or beginning of the year) to discuss the tax strategy that you’re going to deploy for your clients. If you’re looking for resources on how to add advisory services, or enter into value based conversations for accounting firm clients, you can view our full interview series here.
Strategies to manage tax return due dates in 2017
If you’re managing a significant number of clients, with recurring due dates, then a workflow software solution can help you improve profitability and capacity.
We recommend tracking the following metrics:
- Turn around time
- Time spent per tax return per client
- Profitability per job
It’s critical to track these metrics as you continue to grow your accounting firm, so that you can increase profitability as you scale and add more clients.