This year the Partnerships filing form 1065 only have till September 15th to file their 2008 tax returns, as opposed to October 15th deadline in previous years.
Per IRS.gov -
"Extension Due Date for Most 2008 Partnership Returns is September 15, 2009
Only a 5-month extension is available for 2008 partnership returns filed in 2009. See 2008 Form 1065 instructions page 4 "When to File" and the instructions to 2008 Form 7004 Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and other Returns."
I am sure this is a way to accelerate tax revenues collection on accounts that are on extension and have not sent in estimated payments when they applied for the extension back in April. As we know, tax payments are always due on the due date, there are no extensions to pay the tax. But alot of people are confused and assume that the extension gives them time to pay as well as file. This results in penalties and interest added to the tax due, when the payments is finally sent with the return. I always advise my clients to send in what it due, or an estimate, to avoid fees later down the road.
This year the returns on extension have only 5 months instead of 6 to get the financial statements completed and ready to file. I provide timely bookkeeping service to my clients to ensure no extensions are ever necessary. Your current accountant should be sending you reminders and updates to ensure your books are up to date and ready to go in time.
until next time
Natalie
August 4, 2009
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