The Centralized Partnership Audit Regime bars partnerships (other than those that opted out of this regime) from amending returns and issuing revised K-1s for prior years. However, in light of some CARES Act changes that can be claimed on prior-year returns, the IRS is allowing amended returns and K-1s to be used. This is helpful, for example, for partnerships that are now eligible to use bonus depreciation for qualified improvement property acquired and placed in service after September 27, 2017, as well as net operating losses from 2018 and 2019.
SPECIAL: Additional Supplement for Coronavirus-Related Tax Changes Available Here!
Alert: Follow coronavirus-related federal tax changes through the IRS’ Coronavirus Tax Relief center.
