Massachusetts ~ Corporate Income, Insurance Taxes: New Federal Income Tax Filing Deadlines Adopted for 2017 Business Tax Returns

first_imgCCH Tax Day ReportLegislation has been enacted that changes the filing deadlines for Massachusetts corporation excise tax (C corporations), financial institution excise tax, insurance premiums excise tax, and partnership returns from March 15 to April 15 for calendar year taxpayers. The filing deadline for fiscal year returns is changed from the fifteenth day of the third month following the close of the taxable year to the fifteenth day of the fourth month following the close of the taxable year. However, S corporations must continue to file corporate excise tax returns by March 15 or the fifteenth day of the third month following the close of the taxable year for fiscal year taxpayers. The law is effective January 1, 2018 and applies to Massachusetts returns beginning with the 2017 tax year. The changes bring the Massachusetts due dates in line with new federal income tax filing deadlines that apply beginning with the 2016 tax year. The Massachusetts Department of Revenue recently announced that it anticipates waiving penalties imposed for the late filing of 2016 C corporation tax returns if the return is filed by the due date for the corporation’s 2016 federal income tax return (TAXDAY, 2017/03/06, S.8).Ch. 5 (H.B. 3448), Laws 2017, effective March 28, 2017 and as notedlast_img

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