The Internal Revenue Service (IRS) issued final regulations setting the period for automatic extension of partnership Forms 1065 and trust and estate Forms 1041 at five months, meaning that they will generally be due September 15. This allows partners and beneficiaries enough time after receiving their Schedules K-1 to prepare their own extended individual or corporate income tax returns, generally due October 15.

Partnership returns subject to the automatic five-month extension under the final regulations are Form 1065, U.S. Partnership Return of Income , and Form 8804, Annual Return for Partnership Withholding Tax. Form 1065-B, U.S. Return of Income for Electing Large Partnerships , is eligible for an automatic six-month extension.

Most trusts and estates required to file Form 1041, U.S. Income Tax Return for Estates and Trusts , are also subject to the more-limited automatic five-month extension; however, bankruptcy estates required to file Form 1041 as well as filers of Form 1041-N, U.S. Income Tax Return for Electing Alaska Native Settlement Trusts , and Form 1041-QFT, U.S. Income Tax Return for Qualified Funeral Trusts , will receive six-month, not five-month, extensions.

The final regulations also allow filers of Form 8928, Return of Certain Excise Taxes Under Chapter 43 of the Internal Revenue Code , to obtain an automatic six-month extension of time to file.

To receive an extension, the partnership, trust or estate must generally file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns , and comply with other requirements.