Partnerships and S corporations that have not yet filed tax returns due March 15 should consider requesting an extension, according to Marc Wieder, CPA, CGMA. The partner and co-leader of Anchin's real estate group advises taxpayers to avoid last-minute rushes and shares the following tips.
Partners' Individual Income Tax Basis
Partnerships and limited liability corporations filing as partnerships are required to submit the Schedule K-1 (Form 1065). The capital account reconciliation, which shows each partners' equity in the partnership, now must be on an income tax basis. In the past, filings could have been under Generally Accepted Accounting Principles (GAAP) or the Internal Revenue Code (IRC) Section 704(b).
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
