Federal highway funding law has “other purposes”

President Obama signed H.R. 3236 into law on July 31, 2015. Short title is “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.”

To provide an extension of Federal-aid highway, highway safety, motor carrier safety, transit, and other programs funded out of the Highway Trust Fund, to provide resource flexibility to the Department of Veterans Affairs for health care services, and for other purposes.

Interestingly, the bill combines provisions for short-term funding of highway transportation with others about veterans’ health care.

And, beyond that as reported in the Journal of Accountancy, among the other purposes are changes to annual IRS filing deadlines for certain businesses (Section 2006).

Partnerships – Tax years beginning after 12/31/2015

  • Calendar-year partnerships must file Form 1065 – U.S. Return of Partnership Income – by March 15;
  • Fiscal-year partnerships must file by the 15th day of the third month after close of the fiscal year.
  • The IRS can authorize a maximum extension of six months for Form 1065.

C Corporations – Tax years beginning after 12/31/2015 or after                          12/31/2025

  • Returns due on 15th day of fourth month after corporation’s year end (vice current third month after corporate year closes);
  • Calendar-year corporations can get five-month filing extension until 2026;
  • June 30 year-end corporations can get seven-month filing extension until 2026;
  • Effective for returns due for tax years beginning after December 31, 2015; EXCEPT for corporations with June 30 year end new dates become effective for tax years beginning after December 31, 2025.

Section 2003 modifies mortgage information reporting form requirements; Section 2004 amends provisions on reporting basis of property inherited from a decedent; and Section 4001, et seq., establishes the “Veterans Choice Program”.

Find H.R. 3236 in its entirety here.

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