CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
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Fred and Danny Magnanimi grew up watching their father create beautiful, handcrafted jewelry in the family's Cranston, RI jewelry manufacturing business. When the boys grew up, Fred moved to New York and began working on Wall Street as an investment banker, while younger brother Danny, still enamored by the family business, stayed home. Increased competition from overseas businesses created significant challenges for the business, but Danny was confident he could find a way for the family business to evolve and thrive. This was his mission, this was his passion.
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        No Seriously, When is My Return Due?

        It’s that time of the year again. Or maybe it isn’t.

        Effective for tax years beginning on or after December 31, 2015, the filing deadlines for many common federal tax returns have changed. As a result, taxpayers coming off a December year end may be in store for some surprises this Spring.

        The default income tax return deadline for C corporations was moved back from March 15th to April 15th for calendar year filers, but the deadline for partnership and pass-through LLC returns was moved up a month from April 15th to March 15th. The S corporation deadline remained unchanged at March 15th.

        The idea behind the move was to give C corporations and individuals an additional month of lead time to process K-1 statements from pass-through entities without having to file for an extension. It should also be noted that all of these dates are the standard deadlines that are further automatically extended by weekends and federal holidays. For example, this year due to the observation of Emancipation Day on April 17th, returns with April 15th deadlines are actually due on April 18th.

        More tweaks were made to the standard and extended filing deadlines for trust and estate returns, nonprofit returns, and the FinCEN 114 (formerly FBAR). And, as if that wasn’t enough, a separate tax return deadline has been created for C corporations with tax years ending on June 30th.

        The change in federal law also may impact state return filing deadlines in unexpected ways. For instance, depending on how a deadline was initially set by the state, it may or may not be pushed back to incorporate the federal changes.

        In summary, taxpayers should be on guard this Spring for the unexpected and should consult with an adviser if they aren’t able to get a clear answer on when their returns are due.