tax season

Simplifying the Tax Season for Limited Partners

Well, it’s that time of year again, tax season and the annual battle with IRS is about to begin. And, if you’re like most PE or VC firms, tax season means dreadful process of distributing K-1s to your LPs.

So, the Internal Revenue Service announced that the nation’s tax season will begin Monday, January 23, 2017.

tax season

Therefore, the filing deadline to submit 2016 tax returns is April 18, 2017, rather than the traditional April 15 date.

Why is filing deadline moved to April 18, 2017?

In 2017, April 15 falls on a Saturday, and this would usually move the filing deadline to April 17. Yet, Emancipation Day — a legal holiday in the District of Columbia — is observed on that Monday. That pushes the nation’s filing deadline to Tuesday, April 18, 2017. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation.

Since tax season is upon us, how can you make K-1 distribution the simplest for both you and your LPs? Well, you can start by keeping it simple. Look to use an online portal where you and your limited partners can distribute and access K-1s. That way you can have a comprehensive overview of who has received what and when. To make the process even easier for your LPs, ensure their tax advisers have direct access to their online portalThis will streamline the process for your limited partners and make sure all relevant parties receive the necessary documents.

Do you want to simplify the tax season for your limited partners?

Make sure you are using an online portal to distribute K-1s and see that nothing falls through the cracks. And, don’t forget to take advantage of every aspect of digital age, and streamline your K-1s in a paperless way.

 

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