07 September 2017 Law firm clients: IRS will grant penalty relief to partnerships that file certain returns under old deadline, allowing one more year to adjust to new deadline The IRS has announced (Notice 2017-47) that it will not penalize partnerships that file returns, or request extensions to file returns, attributable to the first tax year beginning after December 31, 2015, by the 15th day of the fourth month following the close of that tax year — rather than by the 15th day of the third month following the close of the tax year, as now required. To receive relief, the partnership must have filed the Form 1065, 1065-B, 8804, 8805, 5471, or other return required to be filed with the IRS and have furnished copies (or Schedules K-1) to the partners by the appropriate due date (including extensions) in place before amendment. In the notice, the IRS states that partnerships qualifying for relief that have already been assessed penalties should receive a letter "within the next several months notifying them that the penalties have been abated." An EY Tax Alert will be available shortly.
Document ID: 2017-1424 | |||||
