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Pass-Through Entity Automatic Extension Shortened

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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.