When is 2017 federal tax due

If a taxpayer files a prior year tax return i. Senators Lamar Alexander R-Tenn. The CBO estimated that this legislation would still leave 13 million more people uninsured after a decade. The law changes the measure of inflation used for tax indexing. The latter takes account of changes consumers make to their spending habits in response to price shifts, so it is considered to be more rigorous than standard CPI.

The value of the standard deduction and other inflation-linked elements of the tax code will also erode over time, gradually pushing up tax burdens.

The change is not set to expire. Qualifying children must be younger than 17 years of age. These changes expire in Trump's revised campaign plan, released in , would have scrapped the head of household filing status, potentially raising taxes on millions of single-parent households, according to an estimate by the Tax Policy Center TPC. Mortgages that are taken out before Dec. The change expires after A number of Republican members of Congress representing high-tax states opposed attempts to eliminate the deduction, as the Senate bill would have done.

The Senate bill was amended on Dec. The law leaves the charitable contributions deduction intact, with minor alterations. So, for example, if a donation is made in exchange for seats at college athletic events, it cannot be deducted. The student loan interest deduction is not affected—see "Student Loans and Tuition" below. Medical expenses in excess of 7. The law does, however, suspend a number of miscellaneous itemized deductions through , including:.

Alimony payments will no longer be deductible after —this change is permanent. The law temporarily raised the exemption amount and exemption phase-out threshold for the alternative minimum tax AMT , a device intended to curb tax avoidance among high earners by making them estimate their liability twice and pay the higher amount. The House bill would have repealed the deduction for student loan interest expenses and the exclusion from gross income and wages of qualified tuition reductions.

The law repeals the Pease limitation on itemized deductions. This change will be reversed after Combined with state and local taxes, the statutory rate under the new law is That puts the U. Supporters of cutting the corporate tax rate argue that it will reduce incentives for corporate inversions , in which companies shift their tax base to low- or no-tax jurisdictions, often through mergers with foreign firms. The law allows full expensing of short-lived capital investments rather than requiring them to be depreciated over time—for five years—but phase the change out by 20 percentage points per year thereafter.

Therefore, a NOL generated in the tax year can still be carried back to the tax year, assuming there was taxable income in The law eliminates the section domestic production activities deduction for businesses that engage in domestic manufacturing and certain other production work.

This is also known as the domestic manufacturing deduction, U. The law enacts a deemed repatriation of overseas profits at a rate of The law introduces a territorial tax system, under which only domestic earnings are subject to tax. The law alters the treatment of an intangible property that is held abroad. It does not define "intangibles," but the term probably refers to intellectual property such as patents, trademarks, and copyrights.

This excess income, which the law assumes to be derived from intangible assets, is called global intangible low-taxed income GILTI. Foreign-derived intangible income FDII refers to income from the export of intangibles held domestically, which will be taxed at a According to Harvard Law School senior lecturer Stephen Shay—a former Treasury official in the Obama and Reagan administrations who helped develop the tax reform—the deemed repatriation leaves open a loophole for multinational corporations with fiscal years beginning before Jan.

By shifting cash from foreign subsidiaries, Shay stated, multinationals with offset fiscal years have the chance to shift cash to the U. Treasury Secretary Steven Mnuchin claimed that the Republican tax plan would spur sufficient economic growth to pay for itself and more, saying of the "Unified Framework" released by Senate, House and Trump administration negotiators in Sept. The idea that cutting taxes boosts growth to the extent that government revenue actually increases is almost universally rejected by economists, and for a long time, the Treasury did not release the analysis Mnuchin bases his predictions on.

The New York Times reported on Nov. Elizabeth Warren D-Mass. On Dec. By contrast, the Federal Reserve projected growth of 2. Scott Greenberg, an analyst at the think tank, told the New York Times that the Treasury's one-page analysis "does not appear to be a projection of the economic effects of a tax bill," but rather, "a thought experiment on how federal revenues would vary under different economic effects of overall government policies. Which is, needless to say, an odd way to analyze a tax bill.

In , the Tax Foundation forecast a 1. That does not count additional debt service costs, though. The law achieves that by allowing oil and gas drilling in the Arctic National Wildlife Refuge, which is located in committee chair Sen. Lisa Murkowski's R-Alaska home state. Murkowski voted against multiple Obamacare repeal bills over the summer, making it important for Republicans to secure her support for tax reform. The idea of a fiscal "trigger," a mechanism to enact automatic tax hikes or spending cuts that some senators pushed for in case optimistic growth forecasts did not come to fruition, was rejected on procedural grounds.

The law could potentially lead to automatic spending cuts anyway. However, as a result of the Statutory Pay-As-You-Go Act, that law requires cuts to federal programs if Congress passes legislation increasing the deficit. Income Tax Return for an S Corporation. September 15 Extended due date. Corporation or a Foreign Corporation Engaged in a U.

Trade or Business. Trade or Business Starting from , the Form also is required to be filed by U. IRS — Form Form -U. Return of Partnership Income.

Every partnership other than a publicly traded partnership that has effectively connected gross income allocable to a foreign partner The Form is filed separately from Form Foreign partners must attach Form to their U. Income Tax Return for Estates and Trusts. October 15 Extended due date. A 6-month automatic extension of time to file can be requested by filing with the IRS Form The form is used to report the final estate tax value of property distributed or to be distributed from the estate.

Certain exceptions apply. Nonresident Entities Including Trusts. Form F - U. Income Tax Return of a Foreign Corporation. October 15 Extended due date From April 15 due date. December 15 Extended due date From June 15 due date.

IRS Form F. Foreign Trusts with U. IRS Form A. Form NA is due within 9 months after the date of death. The Form is used to report the final estate tax value of property distributed or to be distributed from the estate. Contact Our U. Tax Advisors. Deadlines Organized by Dates.

However, the IRS will charge you interest. Submit your initial payment with Form If the due date falls on a weekend or holiday, the due date is the next business day. If you want to add some additional time to file your return onto your tax calendar, file Form to obtain four additional months to file. Forms are due from payers of interest, dividends, and other specified types of income.

If this date falls on a weekend, file the Monday after. You must report the amount in writing to your employers. This includes tips paid with cash, checks, and credit cards.

You can use Form A in Publication or any other daily record to record your tip income for the month. If the 10th falls on a weekend or holiday, the due date is the next business day. Then, you have until May 17 to file your return. You might need to file your return and pay your taxes on or before March 1 to avoid a penalty.

Littler Mendelson. For nearly a year, various proposals and so-called "frameworks" have been debated in Congress regarding changes to the federal estate and gift tax laws. Withholding tax rules in which the former spouse receiving the alimony payments is a non-U.

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