Taxpayers, Start Your Engines!

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With the filing season for 2014 tax returns well upon us, we thought it prime time for a review of upcoming tax filing deadlines. During the spring, we most commonly encounter the following filings for our family group clients:

  • March 15
    • 2014 filings
      • S corporations filing on a calendar year basis
  • April 15
    • 2014 filings
      • Individual income tax returns
      • Trust income tax returns
      • Estate income tax returns – filing on a calendar year basis
      • Gift tax returns
      • Partnerships – filing on a calendar year basis
    • 2015 filings
      • First quarter estimated taxes due for individuals, trusts, and calendar year estates
  • May 15
    • 2014 filings
      • Private foundations – filing on a calendar year basis
    • 2015 filings
      • First quarter estimated taxes due for private foundations
  • June 15
    • Second quarter estimated taxes due for individuals, trusts, and calendar year estates

Be advised that estates have the option in their initial year to elect a fiscal year filing period rather than a calendar year. Qualified Revocable Trusts and a related Estate making a timely election under IRC Section 645 may file a combined income tax return for a limited duration. There are a number of benefits – including filing on a fiscal year basis – that result from a Section 645 election.

For questions about these planning topics or other matters, please contact Jean McDevitt, tax principal and private client services lead, at 1.800.244.7444.