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Tax Pros Report 'Record-Setting' Number of Extensions

 

Some clients have always needed more time to get in returns, but this tax season saw an avalanche of extension requests. And while the Tax Cuts and Jobs Act (TCJA) played a major role, it wasn’t the only factor driving more and more clients beyond April 15.  CBIZ MHM experienced a much heavier load of extensions this year, due primarily to the complexities of reform, according to Bill Smith, Bethesda, Md.-based managing director for the Top 100 Firm’s National Tax Office. “As many more pass-through entities had to extend, that had a ripple effect on 1040s, because individuals were not receiving K-1s by April 15,” he said. Read more at Accounting Today.