Partnerships' Five-Month Filing Extension Will Continue Under Final Rules

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Passthrough entities, including partnerships, trusts, and estate taxpayers, will continue to receive an automatic five-month extension of time to file as provided under temporary rules issued in 2005, IRS says in final regulations (T.D. 9531). The final rules recognize that only allowing a five-month extension of time to file for trusts, in particular, may cause a hardship, as some trusts may have less time to complete accurate income tax returns and provide timely information to the trusts' beneficiaries.