Tax Return Due Date Simplification and Modernization Act of 2011 - Amends the Internal Revenue Code to change tax return due dates for partnerships (from April 15 to March 15, with extensions until September 15), S corporations (from March 15 to March 31, with extensions until September 30), and C corporations (from March 15 to April 15, with extensions until October 15). Makes the new return date for C corporations with a fiscal year ending on June 30 applicable to taxable years beginning after December 31, 2021.
Requires the Secretary of the Treasury, for taxable years beginning after December 31, 2011, to modify by regulation the due dates for extensions of tax returns for partnerships, estates, employee benefit plans, and tax-exempt organizations. Sets a due date of April 15 for the annual information return of a foreign trust with a U.S. owner and for the report of foreign bank and financial accounts (with extensions until October 15).
Extends the automatic extension for corporate income tax returns from three to six months (seven months for C corporations with a fiscal year ending on June 30).
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2382 Introduced in House (IH)]
112th CONGRESS
1st Session
H. R. 2382
To amend the Internal Revenue Code of 1986 to provide for the logical
flow of return information between partnerships, corporations, trusts,
estates, and individuals to better enable each party to submit timely,
accurate returns and reduce the need for extended and amended returns,
to provide for modified due dates by regulation, and to conform the
automatic corporate extension period to longstanding regulatory rule.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 24, 2011
Ms. Jenkins introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide for the logical
flow of return information between partnerships, corporations, trusts,
estates, and individuals to better enable each party to submit timely,
accurate returns and reduce the need for extended and amended returns,
to provide for modified due dates by regulation, and to conform the
automatic corporate extension period to longstanding regulatory rule.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; REFERENCE.
(a) Short Title.--This Act may be cited as the ``Tax Return Due
Date Simplification and Modernization Act of 2011''.
(b) Reference.--Except as otherwise expressly provided, whenever in
this Act an amendment or repeal is expressed in terms of an amendment
to, or repeal of, a section or other provision, the reference shall be
considered to be made to a section or other provision of the Internal
Revenue Code of 1986.
SEC. 2. NEW DUE DATE FOR PARTNERSHIP FORM 1065, S CORPORATION FORM
1120S, AND C CORPORATION FORM 1120.
(a) Partnerships.--
(1) In general.--Section 6072 is amended by adding at the
end the following new subsection:
``(f) Returns of Partnerships.--Returns of partnerships under
section 6031 made on the basis of the calendar year shall be filed on
or before the 15th day of March following the close of the calendar
year, and such returns made on the basis of a fiscal year shall be
filed on or before the 15th day of the third month following the close
of the fiscal year.''.
(2) Conforming amendment.--Section 6072(a) is amended by
striking ``6017, or 6031'' and inserting ``or 6017''.
(b) S Corporations.--
(1) In general.--So much of subsection (b) of 6072 as
precedes the second sentence thereof is amended to read as
follows:
``(b) Returns of Certain Corporations.--Returns of S corporations
under sections 6012 and 6037 made on the basis of the calendar year
shall be filed on or before the 31st day of March following the close
of the calendar year, and such returns made on the basis of a fiscal
year shall be filed on or before the last day of the third month
following the close of the fiscal year.''.
(2) Conforming amendments.--
(A) Section 1362(b) is amended--
(i) by striking ``15th'' each place it
appears and inserting ``last'',
(ii) by striking ``2\1/2\'' each place it
appears and inserting ``3'', and
(iii) by striking ``2 months and 15 days''
in paragraph (4) and inserting ``3 months''.
(B) Section 1362(d)(1)(C)(i) is amended by striking
``15th'' and inserting ``last''.
(C) Section 1362(d)(1)(C)(ii) is amended by
striking ``such 15th day'' and inserting ``the last day
of the 3d month thereof''.
(c) Conforming Amendments Relating to C Corporations.--
(1) Section 170(a)(2)(B) is amended by striking ``third
month'' and inserting ``4th month''.
(2) Section 563 is amended by striking ``third month'' each
place it appears and inserting ``4th month''.
(3) Section 1354(d)(1)(B)(i) is amended by striking ``3d
month'' and inserting ``4th month''.
(4) Subsection (a) and (c) of section 6167 are each amended
by striking ``third month'' and inserting ``4th month''.
(5) Section 6425(a)(1) is amended by striking ``third
month'' and inserting ``4th month''.
(6) Subsections (b)(2)(A), (g)(3), and (h)(1) of section
6655 are each amended by striking ``3rd month'' and inserting
``4th month''.
(d) Effective Dates.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by this section shall apply to returns for
taxable years beginning after December 31, 2011.
(2) Delayed date for c corporations with fiscal years
ending on june 30.--In the case of any C corporation with a
fiscal year ending on June 30, the amendments made by this
section shall apply to taxable years beginning after December
31, 2021.
SEC. 3. MODIFICATION OF DUE DATES BY REGULATION.
In the case of returns for taxable years beginning after December
31, 2011, the Secretary of the Treasury or the Secretary's delegate
shall modify appropriate regulations to provide as follows:
(1) The maximum extension for the returns of partnerships
filing Form 1065 shall be a 6-month period ending on September
15 for calendar year taxpayers.
(2) The maximum extension for the returns of trusts filing
Form 1041 shall be a 5\1/2\-month period ending on September 30
for calendar year taxpayers.
(3) The maximum extension for the returns of employee
benefit plans filing Form 5500 shall be an automatic 3\1/2\-
month period ending on November 15 for calendar year taxpayers.
(4) The maximum extension for the returns of organizations
exempt from income tax filing Form 990 shall be an automatic 6-
month period ending on November 15 for calendar year filers.
(5) The due date of Form 3520-A (relating to the Annual
Information Return of Foreign Trust with a United States Owner)
for calendar year filers shall be April 15 with a maximum
extension for a 6-month period ending on October 15.
(6) The due date of Form TD F 90-22.1 (relating to Report
of Foreign Bank and Financial Accounts) shall be April 15 with
a maximum extension for a 6-month period ending on October 15
and with provision for an extension under rules similar to the
rules in Treas. Reg. section 1.6081-5. For any taxpayer
required to file such Form for the first time, any penalty for
failure to timely request for, or file, an extension, may be
waived by the Secretary.
SEC. 4. CORPORATIONS PERMITTED STATUTORY AUTOMATIC 6-MONTH EXTENSION OF
INCOME TAX RETURNS.
(a) In General.--Section 6081(b) is amended by striking ``3
months'' and inserting ``6 months (7 months in the case of a C
corporation described in section 2(d)(2) of the Tax Return Due Date
Simplification and Modernization Act of 2011)''.
(b) Uniform Rule After Certain C Corporations Are Subject to
General Filing Rules.--Section 6081(b), as amended by subsection (a),
is amended by striking ``6 months (7 months in the case of a C
corporation described in section 2(d)(2) of the Tax Return Due Date
Simplification and Modernization Act of 2011)'' and inserting ``6
months''.
(c) Conforming Amendments.--
(1) Section 6081(a) is amended by inserting ``or C
corporations that are described in section 2(d)(2) of the Tax
Return Due Date Simplification and Modernization Act of 2011''
after ``abroad''.
(2) Section 6081(a), as amended by paragraph (1) is amended
by striking ``or C corporations that are described in section
2(d)(2) of the Tax Return Due Date Simplification and
Modernization Act of 2011'' after ``abroad''.
(d) Effective Dates.--
(1) In general.--The amendments made by subsections (a) and
(c)(1) shall apply to returns for taxable years beginning after
December 31, 2011.
(2) Uniform rule.--The amendments made by subsections (b)
and (c)(2) shall apply to returns for taxable years beginning
after December 31, 2021.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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