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IRS Re-Releases Partnership Audit Regulations

By:  Amanda Wilson

The IRS has released proposed regulations implementing the new centralized partnership audit rules.  These regulations are virtually identical to the regulations that were released and then pulled in January of this year.  A slide presentation that I previously posted discussing these regulations (as well as other developments) can be found here.

Tax Reform Pushing Ahead

By:  Amanda Wilson

Despite the political controversy swirling around the firing of James Comey and the appointment of a special prosecutor, the White House and Republicans are determined to push forward with tax reform.  Later this week, Treasury Secretary Steven Mnuchin will testify on Trump’s Budget Proposal before the House Ways and Means Committee, the committee drafting the House of Representatives tax reform bill.  The House Ways and Means Committee also held a hearing last week on “How Tax Reform Will Grow Our Economy and Create Jobs.”

New Partnership and Corporate Tax Return Filing Dates Now in Effect

New law ahead road signBy:  Amanda Wilson

As I previously discussed (here), the federal tax due date for partnership and corporate tax returns changed for tax years on or after 2016.  This means that the new filing deadlines are now in effect.  Partnership and S corporation tax returns are due a month earlier on March 15th, while corporate tax returns are now due a month later on April 15th.  In other words, you need to file any partnership or S corporation tax returns, or file for an extension, by Wednesday.

 

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