Monday, November 21, 2005

North Lake Tahoe Bonanza - Business Window of opportunity for charitable donations almost over

North Lake Tahoe Bonanza - Business: "Window of opportunity for charitable donations almost over
Jeff Quinn
special to the bonanza
November 11, 2005

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Well, we guess you can call it a form of 'simplification,' anyway. The Revenooers have announced that starting in 2006, individuals will only have to file one form to secure an automatic extension of a full six months - rather than the old procedure which required two forms to get the filing date extended all the way to Oct. 15. Same will go for partnerships and trusts. The biggest surprise of all, however, is the fact that Uncle Sam for once has actually taken note of the fact that individuals can't file until their 'pass through' entity (partnership, in most cases) does first-and to make both returns due on the very same date doesn't make a whole lot of sense. So, they're 'requesting comments' on whether pass-throughs should be given a shorter extension period. It's about time they came to their senses on this one."

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