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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.
‎September 19, 2022
7:24 AM