Saturday, January 14, 2017

Massachusetts Fails to Adopt New Federal Filing Deadline For Corporations

Corporate taxpayers in Massachusetts will have to deal with different state and federal filing deadlines after a bill to align the two failed to pass in the Massachusetts Legislature.

The new federal filing deadlines are March 15 for partnerships and S corporations, and April 15 for individual and C corporation returns.  When the federal government announced in 2015 that it would change to these new filing deadlines, most states quickly adjusted their deadlines to match them, but Massachusetts and a handful of other states did not do so.  Massachusetts corporate interests backed a bill to require the state to align its deadlines with the feds, but lawmakers failed to take up the bill Jan. 3, the final day of the legislative session.

That means corporate filers in Massachusetts will have to comply with two deadlines when filing their 2016 taxes. Massachusetts requires S corporations and C corporations to file on March 15, which will force some companies to use estimated figures and then amend their returns after they receive actual figures, according to tax professionals.  As a result, they expect many companies to seek filing extensions.


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