I left out some salient details. The four member LLC invested in a limited partnership. That partnership delivered its K-1 to me on April 4, 2022. So I have that K-1. What I need to do is submit a K-1 to the other members of the LLC. Since they are my in-laws (who file a joint return) and my wife and me, who also file a joint return, I would hope that the above mentioned late fees do not apply or at least not to that degree. My accountant handled the K-1 in the prior years but I chose to not have him do it because the cost exceeded our distributions from the LLC up to that point. It would seem that I chose poorly and need to delegate to the appropriate professionals in matters where I have zero expertise or training. I have messaged him and asked for his input.
