Next year some of you will have new due dates for filing your return.
New due dates for tax years beginning after December 31, 2015 for the following:
Partnerships: March 15, or the fifteenth day of the third month after the end of their fiscal year.
C Corporations: April 15, or the fifteenth day of the fourth month after the close of their year.
(No change for S corporations – their due dates will remain the same.)
Other Tax Developments
McDonald, Starbucks, and Amazon: what do these companies have in common?
They are all routing revenues through Luxembourg. Reason?
To lower their tax bill.
By employing these strategies they pay significantly less tax.
(By some accounts tax is reduced to lower single digits.)
These tax strategies have prompted European Union antitrust regulators
to start investigating some of these tax deals.
Pfizer, another large U. S. corporation, is in the process of moving its tax address
to Ireland. Of course its top executives and management will remain in New York.
Pfizer will keep running significant operations across United States.
But it will no longer pay taxes as a U.S. business.
Partnership seems to be the preferred business entity by many entrepreneurs.
According to the latest statistics from IRS, the numbers of tax returns filed by
partnerships and partners have continued to increase.
A significant number (49%) of these partnerships operate in the real estate, as well
as rental and leasing sector.
Over 60% of these partnerships are LLC’s (limited liability company).
On a side note
For the past several weeks I’ve logged in many hours – reading suspenseful tax tomes.
(The hazards of my profession.)
The objective was to be done by the 15th of this month. I was done by the 3rd.
And it shows! Through a writing style best described as, “Just the facts, ma’am!”