Filing for a LLC partnership

Forum|Forum|4 years ago
March 30, 2022
2 replies
48 views

Hi, I started an LLC partnership on 2021 and started selling online Nov 2021. However I while going through the wizard I realized that LLC is due March 15 and not April. 2 questions.

1. So now I guess I have to file an extenstion?

2. when I click on yes tt is asking "reason for short year" so I'm really confused about which options to chose from?

there is "initial return", final return, and 2 other that for sure its not my situation. I don't know what these mean but suspect that it A, initial return?

thanks in advance.

Best answer by Anonymous_

It is too late to file an extension (Form 7004). The extension was required to be filed by the due date of the return (March 15th).

See https://www.irs.gov/instructions/i1065#en_US_2021_publink11392vd0e940

Anonymous_Answer

Level 15

It is too late to file an extension (Form 7004). The extension was required to be filed by the due date of the return (March 15th).

See https://www.irs.gov/instructions/i1065#en_US_2021_publink11392vd0e940

Anonymous_

Level 15

There is a penalty for late filing, but you may be able to get it abated if the reason for your late filing meets the reasonable-cause criteria of the IRS.

See https://www.irs.gov/instructions/i1065#en_US_2021_publink11392vd0e1221

simplitia1Author

Level 4

ok thank you. So I should just file it and not worry about the extension. when would I know how much the penalty is. Will turbo tax let me know? thank you. sorry this is just all so new to me.

Anonymous_

Level 15

TurboTax will not let you know the amount of the penalty.

The penalty is $210 for each month or part of a month (for a maximum of 12 months) the failure continues, multiplied by the total number of persons who were partners in the partnership during any part of the partnership's tax year for which the return is due.

You should file your return as soon as possible and wait for the IRS to send you a letter (which may never happen, anyway).