Daily Tax Report ®

IRS Rev. Proc.: Partnerships Can File Amended Return for CARES Act Benefits (IRC §6031)

April 8, 2020, 5:00 AM

Eligible partnerships can file an amended 2018 and 2019 Form 1065, U.S. Return of Partnership Income, and furnish a corresponding Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., to each of its partners as an alternative option to filing an administrative adjustment request (AAR)., the IRS provided April 8. Without the option to file amended returns, BBA partnerships that already filed their Forms 1065 for the affected years generally are unable to take advantage of the CARES Act relief for partnerships except by filing AARs pursuant to tax code Section 6227. An eligible...

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