Pass-Through Entity Automatic Extension Shortened


Along with final regulations adopting automatic six-month filing extensions for certain returns, the IRS proposed reducing the extension to five months for partnerships and other pass-through entities. The shorter period is intended to better enable owners to receive Schedules K-1 and other information returns in time to prepare their individual returns by the extended due date. A transitional rule retains the six-month automatic extension for returns due before Jan. 1, 2009. The IRS is seeking public comment by Sept. 29 on any taxpayer burden imposed by the five-month provision. See REG- 115457-08 and Treasury Decision 9407.

SPONSORED REPORT

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

8 sentences to help you master subject-verb agreement

When professionals prepare written material for readers inside their organization or outside, they should make sure that no errors distract from the message they need to convey. Take this short quiz for practice in subject-verb agreement.