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Rachlin partner Scott Freeman shares the following important information on the New extended due dates for partnerships, estates & trusts
The IRS recently reduced the 6-month extension to 5 months for partnerships that file Form 1065 or Form 8804 as well as trusts and estates that file Form 1041. Currently, these returns generally have an extended due date of October 15th, which coincides with the extended due date for most individual tax returns (Form 1040). Having the same extended due date as Form 1040 is problematic for many taxpayers who are awaiting a Schedule K-1 to finalize their individual income tax return.
To alleviate any problems caused by having the same deadline, the IRS is shortening the extension period for Forms 1065, 8804 and 1041 effective for tax returns due on or after January 1, 2009. According to the new regulations, a calendar-year partnership that was formerly granted an extended due date of October 15th to file Form 1065 will have to file by September 15th. By accelerating the extended due date for partnerships, estates and trusts filing the aforementioned forms, individual taxpayers will hopefully receive their Schedule K-1 within a reasonable timeframe before their October 15th deadline.
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