If your business is a partnership (particularly one under the Bipartisan Budget Act of 2015 (BBA)), you may have already filed your returns in March of 2020 for the 2019 tax year, and typically you would not be able to file an amended Form 1065 under the BBA. What if you are entitled to some tax relief under the CARES Act? Are you out of luck if you already filed?
The IRS is giving retroactive relief to partnerships who are subject to the BBA pursuant to Rev Proc 2020-23. If your partnership is subject to the BBA and filed Form 1065 before Rev Proc 2020-23 was issued, you may be able to file an amended partnership return and furnish all corresponding Schedules K-1 to the IRS, but you must do so before September 30, 2020.
There are additional rules and guidelines outlined in this article.
If you are currently under IRS examination or audit, you may have additional questions or concerns regarding your options as it pertains to the CARES Act.
If you have tax questions, please feel free to reach out to Mendes Weed, LLP at (925) 390-3222.
In addition, we are currently assisting clients with tax law, divorce, probate, estate planning, business law, civil litigation, child custody, unlawful detainers, and other matters during this difficult time. We have attorneys who can work remotely for you and put your concerns at ease.