The Internal Revenue Service has moved up the tax extension deadline for partnerships, trusts and estates from Oct. 15 to Sept. 15, beginning with 2008 tax returns.
Partnership returns are due April 15, but extensions historically were due six months later.
“This will give tax preparers and individuals time to prepare their returns,” said Bernard Benyak, senior tax manager at Stockman, Kast Ryan & Co. LLP.
Most partnerships are flow-through tax entities to individual tax returns. Having the partnership extension deadline one month earlier allows individuals and tax preparers enough time to extract individual tax information from Form 1065, to use on Form 1040.
“It used to be a mad scramble because they were due on the same date,” Benyak said. “Now we have one month to get information from Form 1065 and drop in into their individual Form 1040 returns.”
Nothing has changed for individual tax returns.
“This makes Sept. 15 a critical date for all tax preparers and individuals who prepare their own,” Benyak said.
For more information, visit the IRS’s Web site.