how to get an IRS transcript of LLC partnership 1065

[tuxedorose]

spouse and i have an LLC . we filed form 1065 with IRS.  the 1065  creates K-1's that we then used to complete our personal 1040's ( ie. the income/loss should be pass thru ). .. BUT IRS is saying the LLC owes fed taxes?!?

I want to get a copy of the tax transcript (i.e. the IRS version of our 1065).   

1. is it true that i cannot create an online account (as a member of the LLC) and download the transcript?

2. if not, i am ready to complete form 4506-T (to request transcript)..  I assume I put the name and address of the LLC business location and not my personal info?

3. do i have to pay for this?

[Mike9241]

Are you sure it's the IRS and not a state.  Some states do impose an income tax on the net income of form XX-1065

what is the notice number? what does it say? 

a partnership/LLC  is not subject to Federal income taxes but may be liable for payroll, excise taxes and also 

Line 23. Interest due under the look-back method for completed long-term con-tracts. For partnerships that aren't closely held (a H&W LLC is closely held), attach Form 8697 and a check or money order for the full amount, made payable to "United States Treasury." Write the partnership's employer identification number (EIN), daytime phone number, and "Form 8697 Interest'' on the check or money order.
Line 24. Interest due under the look-back method for property depreciated under the income forecast method. For partnerships that aren’t closely held, attach Form 8866 and a check or money order for the full amount, made payable to “United States Treasury.” Write the partnership’s employer identification number (EIN), daytime phone number, and “Form 8866 Interest” on the check or money order.
Line 25. BBA AAR imputed underpayment (Not at all likely). Use this line if the partnership is filing an AAR electronically and chooses to pay the imputed underpayment. For instructions on how to figure the imputed underpayment, see the Instructions for Form 8082. Write the name of the partnership, tax identification number, tax year, "Form 1065," and "BBA AAR Imputed Underpayment" on the payment. Checks must be payable to “United States Treasury” and mailed to Ogden Service Center, Ogden, UT 84201-0011. Payments can be made by check or electronically. If making an electronic payment, choose the payment description “BBA AAR Imputed Underpayment” from the list of payment types.

Line 26 what other taxes could be is a mystery

if it is the IRS are you sure it's not taxes you owe on your 1040 for misreporting something on the LLC k-1's

I don't think a transcript or copy is going to do you any good but here are the links

you might be better off calling the number on the notice. 

the IRS does not provide an online transcript for form 1065.

there is form 4506 which is for a copy of the return $43

https://www.irs.gov/pub/irs-pdf/f4506.pdf 

there is form 4506-T which is for a transcript of the return - free.

https://www.irs.gov/pub/irs-pdf/f4506t.pdf 

[tagteam]

@tuxedorose 

Sometime around three weeks ago, you posted this:

"(NOTE: I manually prepared the form 1065 and the K1's but using TT for my personal 1040)"

Questions:

1) Are you absolutely certain you prepared the return correctly?

2) Did you file the return in a timely manner? Note that the return was due on or before March 15th of this year unless you filed for an extension.

[tuxedorose]

@Mike9241

hi - thx for your quick response.   my comments below...

1. yes its definitely a notice from IRS and NOT the state . its notice # CP160

2. its definitely a small time H&W LLC so it sounds like  its closely held.  its a rental property in a resort. with short term rentals ( less than 7 days)  and  we  provide services to the guests.  Therefore , I  was told by prior cpa,  that we can treat it like a business (it operates at a net loss) and have that business loss (ie non passive loss) flow ot our personal 1040's

Line 26 what other taxes could be is a mystery

3. Well , i certainly didnt enter anything on line 26 when i prepared the 1065

if it is the IRS are you sure it's not taxes you owe on your 1040 for misreporting something on the LLC k-1's

4. the notice is coming to the LLC , not to us.   but yes i have been reporting the k1 loss on my personal 1040

I don't think a transcript or copy is going to do you any good but here are the links

you might be better off calling the number on the notice. 

5. wont the transcript   show what IRS thinks is the right values for Line 26 or if they are charging me excise or payroll tax?

[tuxedorose]

@tagteam    thanks

1. well i completed the 1065 to be the best of my knowledge. there are no mistakes on it as best I can tell

2. I did in fact file it several months late. but then I also filed an extension for my personal return so im confident the IRS had the 1065 by the time they received the 1040

3. but that begs a more fundamental question... could the amt the irs is asking me for be solely due to the fact that i filed it late?   

[tagteam · Accepted solution]

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@tuxedorose wrote:

3. but that begs a more fundamental question... could the amt the irs is asking me for be solely due to the fact that i filed it late?   

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Yes. The penalty is $210 for each month or part of a month the failure [late filing] continues, multiplied by the total number of persons who were partners in the partnership.

See https://www.irs.gov/instructions/i1065#idm140377965599312

[tuxedorose]

holy smokes! i didnt know the penalty was so high.

thats regardless of whether or not the little LLC makes a profit or not?

can one request an extension for 1065 filing the same as a 1040?

also, any idea if it worth sending a letter and asking for penalty forgiveness 🙂

thx

[tagteam]

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@tuxedorose wrote:

also, any idea if it worth sending a letter and asking for penalty forgiveness

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Yes.  If the partnership receives a notice about a penalty after it files the return, the partnership may send the IRS an explanation and the Service will determine if the explanation meets reasonable-cause criteria.