Tax planners typically like to take a multi-year view of a taxpayer’s situation in order to advise on strategies for minimizing tax exposure. However, tax uncertainties about 2016 make it challenging to do this. Here are the provisions that will be new in 2016 and can be factored into tax planning, as well as the tax issues up in the air for 2016.
Filing Deadline
Taxpayers will have more time to file their personal tax returns for 2015 because of a later due date. Individuals typically must file their tax returns by April 15 (Code Sec. 6072(a)). However, when April 15 falls on a Saturday, Sunday, or legal holiday, the filing deadline becomes the next business day (Code Sec. 7503). This is what will happen in 2016, so the IRS has announced the filing deadline for 2015 income tax returns (Rev. Rul. 2015-13, IRB 2015-22, 1001). As a result of Emancipation Day in the District of Columbia occurring on April 15, 2016 (a Friday), the tax filing deadline becomes April 18, 2016 (a Monday). This is the same situation that occurred in 2011 when the filing deadline for 2010 individual income tax returns became April 18, 2011 (Notice 2011-17, IRB 2011-10, 540).
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