IRS CHANGES TAX FILING EXTENSION FROM 6 TO 5 MONTHS FOR PARTNERSHIP, ESTATE AND TRUST RETURNS.

The Internal Revenue Service has issued final regulations shortening the automatic extension time period for partnership, trust, and estate tax returns from six to five months, meaning the returns are due Sept. 15.

The final regulations in TD 9531 put in place a temporary change that was originally created in July 2008. Those temporary and proposed regulations reduced the automatic six month extension of time to file to five months for certain pass-through entities, including most partnerships, estates, and certain trust.

As these pass-through entities were previously allowed to obtain an automatic six-month extension of time to file certain returns under 2005 regulations, the Treasury Department and the IRS requested comments on whether, and how, a five-month extension of time to file for these pass-through entities might increase or reduce overall taxpayer burden. Approximately 10 comments were received in response to the notice of proposed rule making. A public hearing was held on Jan 13, 2009. Three speaker appeared at the public hearing and commented on the notice of proposed rule making.

Pass-through entities used to be entitled to an automatic three month extension of the time to file certain returns by filing one form, and could also request a discretionary additional three-month extension of time to file by filing s second for. TD 9229 provided temporary regulations that simplified the extension process by allowing most taxpayers, including pass-through entities, to obtain a six-month.

Comments

  1. TaxseerNovember 1, 2019 at 11:50 PM

    Thanks again for all the great information…I am grateful! 1099 C Form Online. You can clearly explain about it.

    ReplyDelete

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