HR 2382 IHCommentsClose CommentsPermalink

112th CONGRESSCommentsClose CommentsPermalink

1st SessionCommentsClose CommentsPermalink

H. R. 2382CommentsClose CommentsPermalink

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.CommentsClose CommentsPermalink

IN THE HOUSE OF REPRESENTATIVESCommentsClose CommentsPermalink

June 24, 2011CommentsClose CommentsPermalink

Ms. JENKINS introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink

A BILLCommentsClose CommentsPermalink

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.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

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’.CommentsClose CommentsPermalink





(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.CommentsClose CommentsPermalink

SEC. 2. NEW DUE DATE FOR PARTNERSHIP FORM 1065, S CORPORATION FORM 1120S, AND C CORPORATION FORM 1120.

(a) Partnerships-CommentsClose CommentsPermalink





(1) IN GENERAL- Section 6072 is amended by adding at the end the following new subsection:CommentsClose CommentsPermalink





‘(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.’.CommentsClose CommentsPermalink





(2) CONFORMING AMENDMENT- Section 6072(a) is amended by striking ‘6017, or 6031’ and inserting ‘or 6017’.CommentsClose CommentsPermalink





(b) S Corporations-CommentsClose CommentsPermalink





(1) IN GENERAL- So much of subsection (b) of 6072 as precedes the second sentence thereof is amended to read as follows:CommentsClose CommentsPermalink





‘(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.’.CommentsClose CommentsPermalink





(2) CONFORMING AMENDMENTS-CommentsClose CommentsPermalink





(A) Section 1362(b) is amended--CommentsClose CommentsPermalink





(i) by striking ‘15th’ each place it appears and inserting ‘last’,CommentsClose CommentsPermalink





(ii) by striking ‘2 1/2 ’ each place it appears and inserting ‘3’, andCommentsClose CommentsPermalink





(iii) by striking ‘2 months and 15 days’ in paragraph (4) and inserting ‘3 months’.CommentsClose CommentsPermalink





(B) Section 1362(d)(1)(C)(i) is amended by striking ‘15th’ and inserting ‘last’.CommentsClose CommentsPermalink





(C) Section 1362(d)(1)(C)(ii) is amended by striking ‘such 15th day’ and inserting ‘the last day of the 3d month thereof’.CommentsClose CommentsPermalink





(c) Conforming Amendments Relating to C Corporations-CommentsClose CommentsPermalink





(1) Section 170(a)(2)(B) is amended by striking ‘third month’ and inserting ‘4th month’.CommentsClose CommentsPermalink





(2) Section 563 is amended by striking ‘third month’ each place it appears and inserting ‘4th month’.CommentsClose CommentsPermalink





(3) Section 1354(d)(1)(B)(i) is amended by striking ‘3d month’ and inserting ‘4th month’.CommentsClose CommentsPermalink





(4) Subsection (a) and (c) of section 6167 are each amended by striking ‘third month’ and inserting ‘4th month’.CommentsClose CommentsPermalink





(5) Section 6425(a)(1) is amended by striking ‘third month’ and inserting ‘4th month’.CommentsClose CommentsPermalink





(6) Subsections (b)(2)(A), (g)(3), and (h)(1) of section 6655 are each amended by striking ‘3rd month’ and inserting ‘4th month’.CommentsClose CommentsPermalink





(d) Effective Dates-CommentsClose CommentsPermalink





(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.CommentsClose CommentsPermalink





(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.CommentsClose CommentsPermalink

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:CommentsClose CommentsPermalink





(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.CommentsClose CommentsPermalink





(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.CommentsClose CommentsPermalink





(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.CommentsClose CommentsPermalink





(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.CommentsClose CommentsPermalink





(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.CommentsClose CommentsPermalink





(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.CommentsClose CommentsPermalink

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)’.CommentsClose CommentsPermalink





(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’.CommentsClose CommentsPermalink





(c) Conforming Amendments-CommentsClose CommentsPermalink





(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’.CommentsClose CommentsPermalink





(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’.CommentsClose CommentsPermalink





(d) Effective Dates-CommentsClose CommentsPermalink





(1) IN GENERAL- The amendments made by subsections (a) and (c)(1) shall apply to returns for taxable years beginning after December 31, 2011.CommentsClose CommentsPermalink





(2) UNIFORM RULE- The amendments made by subsections (b) and (c)(2) shall apply to returns for taxable years beginning after December 31, 2021.CommentsClose CommentsPermalink