BBA Partnerships are Given the Option to Amend 2018 and 2019 Tax Returns
Through Rev. Proc. 2020-23, the IRS recently offered partnerships a window of opportunity until September 30, 2020 to make corrections to 2018 and 2019 partnership tax returns (Forms 1065) and related Schedules K-1. This concession now gives all partnerships the option to make such adjustments in the classic, familiar fashion, rather than following the newly-applicable partnership audit rules.
We recently shared a tax alert discussing these changes and the potential implications. The alert also included the most recent updates to the tax implications of the CARES Act.