Eileen Reichenberg Sherr, in an article in the Journal of Accountancy, discussed how this past summer, Congress and President Obama signed legislation that modified the due dates for several tax returns.
The AICPA has been encouraging these changes since 2006, mainly due to flowthrough entities’ Schedules K-1, Partner’s [or shareholder’s] Share of Income, Deductions, Credits, etc. containing tax return information provided by partnerships and S corporations arriving late. Late K-1s make it difficult to file an accurate return on time, and many practitioners are forced to use estimates to file extended returns timely.
This will create a more logical flow for tax preparers and clients and ease the stress of those waiting for their K-1s to arrive.
To view a chart of the new due dates, click here.
For more information on the new due dates, please read the full referenced article or contact Patrick Mutchler at (231) 726-5870 or firstname.lastname@example.org.