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.

FEATURE

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.

SPONSORED REPORT

Solving the lease accounting challenge

The challenges of the new lease accounting standard have been pervasive to say the least. In this free, independently-written report, you'll learn effective adoption strategies as well as resources for easing the transition to the new standard.