BBA Partnerships Can Amend Returns for CARES Benefits
Published April 13, 2020
This week the Internal Revenue Service (IRS) issued Revenue Procedure 2020-23 (link below), which will enable all partnerships to file amended returns for tax years that begin in 2018 or 2019. This will allow partners to immediately get benefits under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Without this relief, certain partnerships were subject to centralized audit procedures that required impacted partnerships to file Administrative Adjustment Requests (AARs) rather than filing amended returns.
Revenue Procedure 2020-23: https://www.irs.gov/pub/irs-drop/rp-20-23.pdf
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Nothing in this document should be construed as providing tax advice. Please consult with your own professional tax advisor. In addition, this document represents the information that we have up to the date the presentation was made and cannot be relied upon for additional updates beyond that date.