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Taxes: are k-1 due with form 7004 extensions? So i'm filing…

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Taxes: Hi are k-1 due...
Taxes: Hi are k-1 due with form 7004 extensions? So i'm filing extensions on a couple 1120 c corps and some 1065 llc. And i just totally forgot (and i've messed this up several time in the past wasting money on penalties..). So need an answer fast since due tomorrow.
Submitted: 1 month ago.Category: Business Law
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3/14/2018
Business Lawyer: Barbara, Enrolled Agent replied 1 month ago
Barbara
Barbara, Enrolled Agent
Category: Business Law
Satisfied Customers: 5,789
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The K-1s are not required to be filed with Form 7004.

K-1s are generated when the actual tax return is prepared.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Business Lawyer: Barbara, Enrolled Agent replied 1 month ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

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Customer reply replied 1 month ago
Hi Barb. Thank you. Over the years I've messed this up many times generating some nice fines for myself. Ok for clarity: 1. When i file 7004 extensions on the LLC - i don't need to turn in K-1 with extension - correct? (because then i would have to turn in different K-1's later with any corrections. 2. So i don't need to turn in K-1s for unit holders of the LLCs ie other C corporations, or myself or others with the c corp or my personal tax extension? Or do I? I'm concerned because in the past i would get these fines from irs for not having turned in the K-1 and i thought that was because I didn't turn in with my extensions. (it was kind of a confused mess and the irs is not clear on this and i haven't found clarity on any website. ) 3. So when i file returns do i need to include K-1 that were sent out with the LLC? And then include K-1 recieved for C corps or on a personal return right? Or turn in K-1's for both - LLC and C corp? Thanks. I 've been confused and stressed on this for years and would like to finally get a clear answer (since the IRS phone person couldn't give me one last time i talked to them). thank you
Business Lawyer: Barbara, Enrolled Agent replied 1 month ago

1. Correct. No K-1 is required with Form 7004.

2. Correct.

K-1s are included with the actual tax return when filed with the IRS when generated by the 1065 and/or 1120S. Of course, copies get sent to the partners/shareholders, as the case may be.

C corporations DO NOT EVER generate K-1s.

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Barbara
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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