Schreiber, IRS permits certain partnerships to file superseding partnership returns

Schreiber describes how the IRS is allowing certain partnerships the opportunity to file superseding 2018 tax returns in order to correct errors the partnerships could have made on their previously-filed returns. According to Schreiber, “The relief applies to partnerships that had timely filed their Forms 1065, U.S. Return of Partnership Income, and Schedules K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., for the 2018 tax year (March 15 for calendar-year taxpayers) and did not elect out of the new centralized partnership audit regime.”

Download the full article by clicking Schreiber, IRS permits certain partnerships to file superseding partnership returns.

Posted by Jessica Zhang, Associate Editor, Wealth Strategies Journal.

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