Condominiums and cooperatives are all required to file annual federal corporate tax returns. The due dates for these returns had been the 15th day of the third month after the entities’ year end and, if extended, the extension was for six months resulting in the tax return extended filing due date of the 15th day of the ninth month after year end.
However, the Surface Transportation and Veterans Health Care Choice Act of 2015 has changed a number of important federal tax return due dates. Of importance to condominiums and cooperatives, is that the corporate tax return filing due dates for tax years ending on or after December 31, 2016 were impacted by this Act.
Condominiums and cooperatives will now benefit from a lengthier time to file their federal and state corporate tax returns. The due date for these returns (for all but June 30 year ends) has been modified to add a month so that the return is due on the 15th day of the fourth month after the entities’ year end. The extension of time for these returns will continue to be for six months, so the extended due date is the 15th day of the 10th month after year end.
In summary, for December 31, 2016 calendar year ends, the due date changes are as follows:
Original Law Revised Law
Due Date 03/15/2017 04/15/2017
Extended Due Date 09/15/2017 10/15/2017
New York State and New York City corporate tax filing due dates have been adjusted to follow the federal due dates with one exception. The mandatory first installment payment which had been historically paid with either the extension or tax return will remain payable by the 15th day of the 3rd month of the year (March 15th for calendar year taxpayers). A new form has been created by both New York State (CT-300) and New York City (NYC-300). The payment will be calculated to be 25% of the 2nd preceding year’s tax liability (2015 for a 2017 mandatory installment).
As mentioned above, the federal corporate tax return filing due dates for June 30 year ends differ. For June 30 year ends – through January 1, 2026, the original due date remains at the 15th day of the third month after an entity’s fiscal year end. The extension of time to file for these returns will be for seven months, so the extended due date being the 15th day of the tenth month. After December 31, 2025 the due dates for June 30 year ends will follow all other year ends – return is due 15th day of the fourth month after year end and if extended, the extension will be for six months resulting in the tax due date of 15th day of the tenth month after year end.
It is important to note that the above deadlines relate to corporate returns. Many condominiums file partnership returns for New York City and the due date for calendar year end returns remain March 15.