IRS extends tax-filling relief for partnership.

According to new guidelines released by IRS this Thursday extra tax filling relief will be offered to certain partnerships, real estate mortgage investment conduits (REMICs), and other entities that did not file the required returns by the new due date for tax years beginning in 2016. The Surface Transportation  Act changed the date by which a partnership, REMIC, or other entity must file its annual return from April 15 to March 15.There was a notice (Notice 2017-47) issued earlier this year which relieved partnerships and REMICs from the penalty who filed by the date that would have been timely prior to amendment by the Surface Transportation Act.The New notice (Notice 2017-71) amplifies, clarifies, and supersedes Notice 2017-47 by providing that additional acts, such as the making of various elections, of partnerships, REMICs, and certain other entities made by the date that would have been timely prior to amendment by the Surface Transportation Act will be treated as timely.  An earlier release of Notice 2017-71 provided this relief only to taxpayers whose taxable years began and ended in 2016, but today’s revised guidance also applies to fiscal-year filers whose taxable years began in 2016 but did not end until 2017.Source: www.irs.gov