One of the tax change in P.L. 114-41 is to change due dates of certain returns, starting mostly for the 2016 tax year. The purpose is improved administration of our tax system. For example, one change is to move the due date for a calendar year corporation return from March 15 to April 15 and that of a partnership from April 15 to March 15. That is smart because the partnership return is needed to get information to the partners. No one needs the information on the corporate return in order to file their return. The AICPA has a helpful chart that lists the changed due dates.
There is no change to the due date of Form 1040 - it remains April 15 with the extended due date still being October 15. Which brings me to my main point - some trivia. Did you know that individual returns were once due on March 15?
The April 15 due date started with 1954 returns. Did you know that the IRS has the Form 1040 and instructions on its website for 1953 and 1954? Take a look:
1954 Form Instructions
1953 Form Instructions
I like the tips offered by the IRS. For example, for 1954 (which notes the "new law" that includes the new due date for 1954 returns):
|Page 1 of 1954 Form 1040 Instructions|
|Page 3 of 1954 Form 1040 Instructions|
Tax rates are still high today, but certainly not at 92%. The highest individual rate is 39.6% and less than 2% of individuals have to deal with that. One of several reasons for high rates today is that they support our small tax base - made small by the numerous deductions and exclusions allowed in our complex income tax system.
Hope you enjoyed looking at the old returns.
What do you think - about the due dates, old returns, rates?