Jonathan Curry-Edwards, a Principal at Friedman LLP and leader of the firm’s Private Tax Services Team, was recently featured in Financial Advisor giving his expert insight on superseding federal tax returns.
These returns—which many clients might not know about—are useful in light of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which made changes to tax laws applicable for the 2019 tax year, said Jonathan Curry-Edwards.
For example, CARES retroactively fixed an error in tax reform regarding qualified improvement property.
“QIP is now eligible for 100% bonus depreciation,” Curry-Edwards said. “A client of mine was able to file a superseded Form 1065 Partnership Income Tax Return to take additional depreciation deductions in 2019. They [otherwise] would’ve had to file an amended 2019 return or wait until their 2020 tax return was filed.”
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