February 2022
In 2015, the Bipartisan Budget Act (BBA) changed how partnerships adjust previously filed tax returns. Going into effect for tax years starting after December 31, 2017, it had centralized partnership audit rules. Provided that your partnership didn't elect out, it's subject to the Act's rules, which may work in your company's favor in filing an extension for your tax return both this year and in the future. By extending Form 1065, U.S. Return of Partnership Income, the due date is moved to September 15, giving you six months of flexibility in correcting the tax year without having to follow the new audit rules.
