The Internal Revenue Service has announced that it is changing the extension period for certain returns from six months to five months. The impacted returns include:
Form 1065 - U.S. Return of Partnership Income,
Form 1041 - U.S. Income Tax Return for Estates & Trusts and
Form 8804 - Annual Return for Partnership Withholding Tax (Section 1446)
The IRS is making this change to ease the burden on individual taxpayers who rely on statements from these returns to prepare their personal returns. Under the current rules, certain businesses and trusts with a calendar year end have the same day deadline for filing as individual taxpayers. This has historically created a burden on individual taxpayers who rely on information from these returns. The IRS believes that requiring businesses and trusts to furnish their information one month earlier will provide the recipients of the statements sufficient time to prepare and file their personal returns timely with the IRS.
This change is effective for extension requests with respect to tax returns due on or after January 1, 2009, and will impact businesses and trusts that have a tax year ending on or after September 30, 2008. |