Still waiting for your K-1s?
Although October 15 seems far away (amid summer BBQs and lake trips), you only have three months until the extended tax filing deadline. Perhaps there are some partnership or trust K-1s that are needed to complete your tax return, and if your accountant is not preparing these returns, you are at the mercy of the “tax matters partner” or “trustee” to get those important documents to you. With partnership or trust tax return deadline extended to October 15 as well, the collision of deadlines can mean that tardy K-1s limit the time you have to reivew your return with your accountant.
You could try to talk to the partner or the trustee and plead with them to get the K-1s out sooner. This normally does not work well and the wait can be very frustrating. Has this happened to you? What can you do?
Good news–the Internal Revenue Service has been well aware of this problem. In 2008, the IRS instituted a temporary regulation that shortened the extension period for partnerships and trusts to September 15, leaving 30 days for K-1 recipients to complete and review tax returns. Recently the IRS made the temporary regulation a final regulation. Expect to recieve your K-1 no later than September 15 and thank the IRS for looking out for the taxpayer.