![]() If it is determined that the partners would benefit from claiming previously unclaimed CARES Act provisions (or other tax benefits) for 2018, 2019, or both, returns can be filed under an expedited procedure. Most partnerships are subject to the centralized partnership audit rules of the Bipartisan Budget Act of 2015 ( BBA) and many of these partnerships filed Form 1065 returns before April 8, 2020. After that, a full, more time-consuming process will be required. If a partnership would benefit from CARES Act provisions or other recent guidance, such as the latest guidance regarding the bonus depreciation deduction (flexibility regarding elections in or out of depreciation timelines, changes to the QIP rules under section 168(e), etc.), the partnership can easily file an amended return until September 30, 2020. ![]() For example, have you evaluated bonus depreciation? Since the allowable depreciation schedule changed, so that “qualified improvement property” is eligible for 15 year MACRS, an election out of section 168(k) could be much more expensive for real estate taxpayers depending on their assets. Real estate partnerships are probably most impacted, though others as well. ![]() ![]() ![]() There is a September 30 deadline to amend a Form 1065 by merely checking the box. The window for “easy” partnership amended returns for CARES Act benefits is closing. ![]()
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