Penalties—IRS Extends Penalty Relief to REMICs

News from RWHSG

Most Recent
Categories
Elder Planning Services
Estate Planning
Individual Income Tax
International Taxation
Retirement Planning
Small Business
Tax Planning for Businesses
Uncategorized

Posted by Kim Chen on October 18th, 2017

In Notice 2017-47, the IRS granted penalty relief for partnerships that failed to file their tax returns or extension requests by the new March 15 deadline. Partnerships qualified for relief if (1) they filed returns with the IRS and furnished copies to partners (as appropriate) by the date that would have been timely before amendment by the Surface Transportation Act, or (2) they filed Form 7004 to request an extension of time to file by the date that would have been timely before amendment. The IRS has now extended this relief to Real Estate Mortgage Investment Conduits (REMICs). This is because REMICs are treated as partnerships for purposes of subtitle F of the Code (dealing with procedure and administration). Notice 2017-47, 2017-38 IRB . For more information on Notice 2017-47, see NTA-998 in this issue.