The uncertainty of the bipartisan tax bill that passed in the House and is stalled in the Senate is causing a domino effect of delays for tax returns for partnerships and their owners.
The bill would renew three business tax breaks retroactively, which would impact tax preparation for this year’s filing season.
Tax professionals are torn between filing business tax returns now—and possibly submitting an amended return later—or filing for an extension. Often-complicated partnership tax returns are due March 15. Individuals involved in partnerships need those returns to file their personal taxes by the April 15 deadline.
The potential for ...
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