AICPA Submits Request for Extension of Time to File Amended Partnership Returns to Treasury, IRS
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AICPA Submits Request for Extension of Time to File Amended Partnership Returns to Treasury, IRS

2 years ago · 1 min read

Washington, D.C. (September 15, 2020) – The American Institute of CPAs (AICPA) submitted comments to the Department of the Treasury and the Internal Revenue Service (IRS) requesting an extension of the September 30, 2020 filing deadline to December 31, 2020 to allow partnerships sufficient time to prepare and file amended partnership returns and issue amended Schedules K-1, Partner’s Share of Income, Deductions, Credits, etc., to their partners.

For taxpayers to take advantage of certain beneficial tax provisions in the Coronavirus Aid, Relief and Economic Security (CARES) Act, the IRS granted relief under Rev. Proc. 2020-23, permitting eligible Bipartisan Budget Act (BBA) partnerships to file amended returns, instead of administrative adjustment requests (AARs), when making adjustments to 2018 and/or 2019 returns.

Revenue Proc. 2020-23 allows eligible BBA partnerships the option to file such amended returns before September 30, 2020. Final and proposed regulations under section 163(j) were released on July 28, 2020, and proposed regulations under section 1061 were released on July 31, 2020.

“The CARES Act allowed for the temporary filing of amended partnership returns, as opposed to going through the normal centralized partnership audit regime procedures, to provide more relief,” said the Chair of the AICPA Tax Executive Committee, Chris Hesse, CPA. “Partnerships need additional time to determine which regulations they may want to apply that were just released under section 163(j) and section 1061, and they need the increased cash flow to take advantage of the provisions in the CARES Act”


Media Contact:

Diane Zyats
202-434-9266
dzyats@aicpa.org

Shirley Twillman
202-434-9220
stwillman@aicpa.org

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