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Sunday, July 27, 2008

Forms 1065, 1041 and 8884 extended deadline

Are incomplete or late deliveries of Form K-1 affecting the timely filing of your personal income tax return? As of July 2, 2008 the IRS has implemented change in an effort to help make this problem less prominent. To assist with IRS compliance and an easier, more accurate filing of your personal income tax return, the extended deadline for Form 1065 -partnership income tax returns, Form 1041 - fiduciary income tax returns and Form 8884 - partnership withholding tax returns, will be moved ahead one month to September 15th, similar to that of corporations. This is effective for all tax years beginning on or after January 1, 2009 for the mentioned tax returns. The old deadline of October 15th was also the extended due date for your personal income tax returns which made accurate and timely filing of your personal tax returns difficult if the K-1 for the above tax returns was not complete or delivered until at or near October 15th.

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