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Partnership Tax Developments

Recently, there have been several significant partnership and multi-member limited liability company (taxed as partnerships) tax developments. Here are quick summaries of what’s brewing on the partnership tax front. Accelerated Due Dates The Transportation and Veterans Health Care Choice Improvement Act of 2015 changed the due dates for filing partnership federal income tax returns (Form 1065). Partnerships must file Form 1065 one month earlier than before for tax years beginning after December 31, 2015. The new due date is March 15 for calendar-year-partnerships and two and one-half months after the close of the partnership’s tax year for fiscal entities.   As before, six-month
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