The Internal Revenue Service has moved 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 they receive 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.
"We are eliminating the same-day deadline for these returns, which causes needless hardship and puts the individual taxpayer in an awkward position," said IRS Commissioner Doug Shulman in a statement. "We want to correct this timing issue to ensure that all taxpayers have the information they need to file timely and stay in compliance with the law."
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).
The regulation does not change the process for requesting an extension of time to file, nor does it affect extensions of time to file other types of business returns, such as those used by S corporations. S corporations have a due date of March 15 and, under a regular six-month extension of time to file, their extended due date already falls on Sept. 15.
