One of the more vexing problem tax professionals have is preparing returns for individuals who have a partnership interest where the partnership extends the deadline for filing their K-1s. The extension currently is six months, so a partnership can legally mail out the K-1 on October 15th. How are you going to prepare a return on October 15th when the K-1 is in the mail? (The answer is you estimate the income, and then amend the return when the actual K-1 arrives. But this is, obviously, not the ideal solution.)
The IRS is making a change. Effective next year, the extension for partnerships and trusts will only be to September 15th, not October 15th. Joe Kristan has more.