1.
(a)This Act may be cited
as the Tax Return Due Date
Simplification and Modernization Act of 2011
.
(b)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.
2.New due date for
partnership form 1065, S corporation form 1120S, and C corporation form
1120
(a)
(1)Section 6072 is amended by adding at the end the
following new subsection:
(f)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.
.
(2)Section 6072(a) is
amended by striking 6017, or 6031
and inserting or
6017
.
(b)
(1)So much of subsection (b) of 6072 as precedes the second
sentence thereof is amended to read as follows:
(b)Returns of
certain corporationsReturns 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.
.
(2)
(A)Section 1362(b) is
amended—
(i)by
striking 15th
each place it appears and inserting
last
,
(ii)by
striking 21/2
each place it appears and
inserting 3
, and
(iii)by
striking 2 months and 15 days
in paragraph (4) and inserting
3 months
.
(B)Section
1362(d)(1)(C)(i) is amended by striking 15th
and inserting
last
.
(C)Section
1362(d)(1)(C)(ii) is amended by striking such 15th day
and
inserting the last day of the 3d month thereof
.
(c)Conforming
amendments relating to C corporations
(1)Section
170(a)(2)(B) is amended by striking third month
and inserting
4th month
.
(2)Section 563 is
amended by striking third month
each place it appears and
inserting 4th month
.
(3)Section
1354(d)(1)(B)(i) is amended by striking 3d month
and inserting
4th month
.
(4)Subsection (a) and
(c) of section 6167 are each amended by striking third month
and
inserting 4th month
.
(5)Section 6425(a)(1)
is amended by striking third month
and inserting 4th
month
.
(6)Subsections
(b)(2)(A), (g)(3), and (h)(1) of section 6655 are each amended by striking
3rd month
and inserting 4th month
.
(d)
(1)Except as provided in paragraph (2), the amendments made
by this section shall apply to returns for taxable years beginning after
December 31, 2011.
(2)Delayed date for
c corporations with fiscal years ending on June 30In 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.
3.Modification of
due dates by regulationIn 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:
(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.
(2)The maximum
extension for the returns of trusts filing Form 1041 shall be a 5½-month period
ending on September 30 for calendar year taxpayers.
(3)The maximum
extension for the returns of employee benefit plans filing Form 5500 shall be
an automatic 3½-month period ending on November 15 for calendar year
taxpayers.
(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.
(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.
(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.
4.Corporations
permitted statutory automatic 6-month extension of income tax returns
(a)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)
.
(b)Uniform rule
after certain C corporations are subject to general filing
rulesSection 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
.
(c)
(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
.
(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
.
(d)
(1)The amendments made by subsections (a) and (c)(1) shall
apply to returns for taxable years beginning after December 31, 2011.
(2)The amendments made by subsections (b) and (c)(2) shall
apply to returns for taxable years beginning after December 31, 2021.