IRS REDUCES BIZ TAX EXTENSIONSWashington, D.C. — The Internal Revenue Service has moved up the extended due date for partnership, estate and trust tax returns from Oct. 15 to Sept. 15 to avoid overlapping with the extended deadline for individual taxes.
The change is aimed at easing the burden on taxpayers who must report information from K-1 schedules and similar documents on their individual tax returns. Currently the extended due date for both businesses and individuals often falls on the same date, generally Oct. 15.
The change will be effective for extension requests for tax returns due on or after Jan. 1, 2009. It applies to business entities that have a tax year ending on or after Sept. 30, 2008, that file the following returns and forms: Form 1065, U.S. Return of Partnership Income; Form 1041, U.S. Income Tax Return for Estates & Trusts; and Form 8804, Annual Return for Partnership Withholding Tax (Section 1446).
CCH LAUNCHES GLOBAL TAX NEWS
Riverwoods, Ill. — CCH has begun offering Global Daily Tax News on its CCH Tax Research Network, providing country-specific national and local tax and business news coverage to help users remain in compliance and support their tax planning, with customized tax news updates in English from more than 90 countries around the world. For more, visit www.cchgroup.com/globaldailytaxnews.
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