For corporate taxes, file another extension, or file a return you know will need to be amended?
For corporate taxes, file another extension, or file a return you know will need to be amended?
An LLC I work for filed an extension to turn in their taxes Oct 15. A ton of their stuff is in storage and I expect there is still no way they will be able to file by Wednesday.
Is it possible to file a second extension? Or would one submit the 1065s with as much information as possible, and then submit an amended return later?
All the returns will show a loss.
Thank you!
Answers:
Chosen Answer
bostonianinmo: They can ask for another extension however unless they have an extremely good reason for the added delay it will be denied by the IRS. And given that there is not enough time to act on an extension request, they really need to get off of their lazy backsides and get cracking on the filing. They also need to keep in mind that the IRS takes a dim view of late filings coupled with amended returns, especially when the partners can be adversely affected by the amended returns. BTW, corps don't file Form 1065. That's for Partnerships, including multi-member LLCs that didn't elect to be taxed as a corp. Corps file Form 1120 series returns.
2008-10-13 14:42:45
bostonianinmo: They can ask for another extension however unless they have an extremely good reason for the added delay it will be denied by the IRS. And given that there is not enough time to act on an extension request, they really need to get off of their lazy backsides and get cracking on the filing. They also need to keep in mind that the IRS takes a dim view of late filings coupled with amended returns, especially when the partners can be adversely affected by the amended returns. BTW, corps don't file Form 1065. That's for Partnerships, including multi-member LLCs that didn't elect to be taxed as a corp. Corps file Form 1120 series returns.
2008-10-13 14:42:45
v b: Gain or Loss, the late return triggers a $85/month penalty per partner.
An LLC isn't necessarily a corporation and the calendar year due date was 9/15 for those.
2008-10-13 15:00:06
2008-10-13 15:00:06