IRS Finalizes Automatic Five-Month Extension for Partnership, Trust and Estate Tax Returns!
The IRS has issued final regulations that set the time for automatic extensions of partnership, trust and estate income tax returns at only five months. This means that "the extended returns and Schedules K-1 for partners and beneficiaries will generally be due Sept. 15th."
Partnership tax returns subject to the automatic five-month extension under the final regulations are Form 1065, U.S. Partnership Return of Income, and Form 8804, Annual Return for Partnership Withholding Tax.
However, the “Form 1065-B, U.S. Return of Income for Electing Large Partnerships, is eligible for an automatic six-month extension.” In order to receive an extension, the partnership must generally file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns.