Partnerships Can File Amended Returns to Get CARES Act Benefits

 – April 8, 2020
Partnerships Can File Amended Returns to Get CARES Act Benefits

The IRS has issued Revenue Procedure 2020-23 which allows an eligible partnership to file an amended 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).

This will allow partnerships to get around the BBA issues to take advantage of the CARES Act changes.