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emc011075
emc011075, Tax adviser
Category: Tax
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Experience:  IRS licensed Enrolled Agent and tax instructor
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Does LLC have an Extension to File 2014 Taxes on an

Customer Question

Does LLC have an Extension to File 2014 Taxes on an Automatic 5 or 6 month ExtensioN using a 1065 Form? When was the Return due?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

Partnership return is due on April 15 if partnership uses calendar year, or on the 15th day of the 4th month following the date its tax year ended if fiscal year is used. There's 5-month automatic extension that that has to be filed on or prior to regular tax return due date. For instance if partnership used calendar year, its return is due on April 15th, the extension has to be filed on or before April 15 to extend the the filing due date until September 15.

Partnership extension form is 7004: http://www.irs.gov/pub/irs-pdf/f7004.pdf

I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

Customer: replied 1 year ago.
Because the Sept 15th Extension Deadline has passed, if 1065 Return is filed by September 30, 2015, will the penalty be based on 1 month late filing...or based on
Being 6 months past the April 15th original due date?
Expert:  emc011075 replied 1 year ago.

If you didn't file the extension than it is already late 6 month. Even thought the extension is automatic, you still have to file it to get.

However under Revenue Procedure 84-35, if you

If you can answer the below questions with “yes”, the penalties will be waived.

  1. Is this a domestic partnership?
  2. Are there 10 or fewer partners?
  3. Are all partners a natural person (other than a nonresident alien) or an estate?
  4. Is each partner’s share of each partnership item the same as his share of every other item (a husband and wife and their estate shall be treated as one partner)?
  5. Have all the partners fully reported their share of the income, deductions and credits of the partnership on their timely filed income tax returns?

More info here:

http://www.stephenbjordanea.com/additionalpages.php?page_id=000100

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