IRS releases draft Form 1065 instructions on partner tax basis capital reporting

WASHINGTON – The IRS released today an early draft of the instructions to Form 1065, U.S. Return of Partnership Income, for tax year 2020 (filing season 2021) that include revised instructions for partnerships required to report capital accounts to...

Winter Storm Extension: Many Businesses Have Extra Time to Request A Six-Month Extension

WASHINGTON — The Internal Revenue Service today granted many businesses affected by this week’s severe winter storm additional time to request a six-month extension to file their 2016 federal income tax returns. The IRS is providing this relief to...