Federal Tax

Deadline to Amend 2018 & 2019 Partnership Returns

Attention: Sept. 29 is the deadline for amending 2018 and 2019 partnership returns to reflect the CARES Act. This applies to partnerships subject to the Bipartisan Budget Act of 2015’s centralized partnership audit procedures. Filing an amended Form 1065 for either or both of those years will account for tax changes brought about by the law, as well as any other tax attributes to which the partnership is entitled by law. The CARES Act provides retroactive tax relief that affects partnerships. For example, it contains retroactive provisions for depreciation relief for “qualified investment property” and increases the business interest deduction limitation from 30% to 50%. Contact the Cg Team for more information. © 2020