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24 February 2016 • www.CPAPracticeAdvisor.com Reviews NFP SOFTWARE GMS Offers Grant Managment for Nonprofts G rants Management Systems (GMS) is a nonproft accounting and fnancial management system designed specifcally for nonproft organizations and government entities that manage multiple grants or projects. GMS ofers a fully integrated product, with GL, Cost Allocation, AP, Payroll, Cash Receipts, Timesheet Accounting, and Financial Reporting. Tere are also a variety of add-on modules that can be purchased which include AR, Purchase Orders, Direct Deposit, Fixed Assets and Report Writer. GMS also ofers a long list of supplements that can be purchased that are designed to increase the func- tionality of the core sofware product. For nonprofts not requiring payroll, AP, or cost allocation modules, GMS now ofers a 'cut-down' version of its product. In addition to its accounting and fnancial management sofware, GMS also ofers Revolving Loan Servicing Sofware (RLSS), which is designed for organizations that need to track information for multiple funding sources. Cost for the core GMS system for 1-2 users is $3,500, with add-on modules starting at $1,200.00. Supplements to the program are also available with costs varying depending on the supplement. Users are required to purchase a product support plan, and training is also required for all new users, with 2-3 weeks of training at the purchaser's location. Read more at www.CPAPracticeAdvisor.com/12162268 New Tax Filing Deadlines For Businesses & Nonprofts Starting Next Year By Ken Berry, CPA Practice Advisor Tax Correspondent T h e i n i t i a l d u e d ate o r ex tended dead line for m a n y e n t i t i e s a r e changing for the 2016 tax year. In other words, at this time next year, your ta x calendar w i l l look dramat ical ly di f ferent than it does right now. As the first deadline for the T Y 2 0 1 5 t a x r e t u r n s e a s o n r a p i d l y approaches –- the March 15, 2016 due date for C corporations – fle this thought away in your head for future reference: The initial due date or extended deadline for many entities are changing for the 2016 tax year. In other words, at this time next year, your tax calendar will look dramati- cally diferent than it does right now. Notably, the due dates for C cor- p o r a t i o n s a n d p a r t n e r s h i p s a r e changing to help improve the fow of tax information among pass-through entities, corporations and individ- uals. But the red-leter April 15th tax return due date for individual tax- payers, as well as the current auto- matic six-month fling extension of October 15th, will remain fxtures in tax return lore. Te changes were included in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, a highway spending measure, and didn't raise many eye- brows at the time of enactment. But you can be sure that will become a hot topic next year. Here's a brief summary of the changes: C Corporations: Currently, Form 1120 must be fled by March 15 by calendar-year corporations, while a six-month extension is allowed until September 15. For tax years begin- ning afer 2015, the initial due date will be moved to April 15 to coincide with individual returns. Efective for tax years beginning after 2025, C Corporations will have an extended due date of October 15. For fiscal-year C Cor porations with a tax year ending on June 30, special rules will apply. The initial due date of September 15 will remain the same for these C corporations until tax years beginning afer 2025, when it will be postponed a month until October 15. An extra month will be added from the current March 15 due date for extensions to April 15 for tax years beginning afer 2015. Partnerships: Te current April 15 due date for Form 1065 will be moved to March 15 so partners will better be able to complete their individual tax returns on time. Te extended deadline will remain Sep- tember 15. Trusts and estates: As with indi- vidual taxpayers, trusts and estates fling Form 1041 have a due date of April 15. Tis remains the same, but the deadline for extensions will be pushed back from September 15 to September 30. Employee benefit plans: The current due date of July 31 for the Form 5500 series remains July 31. However, the deadline for extensions will be postponed from October 15 to November 15. Ta x - e x e m p t o r g a n i z a t i o n s : Nonprofts required to fle Form 990 will still have until May 15 to do so. Cur rently, an organi zat ion must request two extensions – by August 15 and November 15 – to obtain a full six-month extension. Tis will be replaced by a single extension with a deadline of November 15. Also, taxpayers with foreign bank accounts who have to fle an FBAR (Foreign Bank Account Report) on FinCen114 currently have a deadline of June 30 with no extension allowed. The due date is being changed to April 15, with an extension available to October 15, to co inc ide w ith individual tax returns. FBARs must be fled if amounts in foreign bank accounts exceed $10,000. Note that a due date is postponed to the next business day if it falls on a weekend or a legal holiday. For i n s t a n ce, Oc to b e r 1 5 , 2 0 1 7 i s a Su n d ay, s o t h e a c t u a l e x te n d e d deadline for a FinCen fling will be October 16. ●