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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121217  
Subject: Re: Obama's tax returns Date: 4/15/2012 12:38 PM
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Actually, not until Tuesday and they can be extended until September 17.

I should have realized that the same rules applied to K-1s. I didn't realize that a delay in the April 15th deadline also delayed the extension date.


It doesn't. It's rare, but I think Ira mistyped. I'm assuming here that the return underlying the K-1 can get an extension of n months for issuing the K-1's.

Extensions always operate from the legal original due date without regard to any non-business days. The April 17th due date we're looking at this year is based on a Code provision that says that if the last date prescribed for any action falls on a non-business day, an action taken on the next business day is considered timely.

So, if a K-1 is due on 4/15 and gets an extension of n months, you look to that date in the extension month, which is the extended due date. If the extended due date falls on a non-business day, actions performed on the next business day are considered timely.

Phil
Rule Your Retirement Home Fool

...who loves the law
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