Partnership and S Corp Returns, and Estimated Payments Due Today

Thoughts on the new due dates? I dig them. Don't know why they tried to get weird with the fiscal year filers, though.

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Thoughts on the new due dates?

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My practice is heavy on partnerships. The deadline moving to 3/15 made absolutely none of them get their information to us sooner. We just ended up filing a lot more partnership extensions compared to past years, and still did a ton of partnership returns between 3/15 and 4/15.

I do very few C Corps so moving them to 4/15 and 10/15 didn't effect me much. All of my C corps are done.

The one thing I wasn't sure about was moving the extended fiduciary to 9/30. However, with the exception of a single trust, every one of my fiduciary returns is done. And the one that isn't done is in Houston, doesn't owe anything, and flooded so they are going to take advantage of the disaster extension.

So... I don't think the new dates made anything worse (with the exception of having to file more partnership extensions) but I also don't see where it made things a whole lot better, either.

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Don't know why they tried to get weird with the fiscal year filers, though

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This is completely for budget reasons. The US Fiscal year starts on Oct 1. Moving the regular deadline from 9/15 to 10/15 for 6/30 year end corporate filers would have, in the first year, for budget purposes, pushed some revenue into the next fiscal year, increasing the first year deficit. Can't have that, of course.

By waiting 10 years to make that change, it won't get scored in any deficits.

Government accounting at it's finest.