Business & farm

Thanks for the responses.  I've got this sorted out with my accountant.  Just to recap:  I have a four-member LLC that was formed for the sole purpose of making an investment in an LP.  That LP generates a K1 to the LLC which I received in April.  All members of the LLC file taxes on October 15.  I, as the managing member of the LLC, should have filed an extension for the LLC - I did not.  I should have already generated K1s for the members - I did not.  Will there be penalties and fees from the IRS?  Yes, most likely.  Can I get them abated as this is the first late filing?  Yes, most likely.  

 

Going forward, I will just have my accountant handle this return as I have mucked it up pretty well on my own.