Partnerships Get Easier Route to Prior Year Perks (Corrected)

Partnerships subject to a new centralized auditing regime can more easily access tax benefits in the latest Covid-19 response package, under new IRS guidance.

Revenue Procedure 2020-23 allows partnerships to file amended returns to get newly available tax breaks in years for which they already filed, such as 2018 and 2019. Under tax code Section 6031, partnerships subject to this auditing regime are barred from amending the form given to their partners after it’s due, unless the Treasury Department allows, or the partnership’s representative files an Administrative Adjustment Request.

The latest stimulus law (Public Law 116-136 ...