I formed a 2 member LLC on 7/1/07. Do I have until 10/15/08 to file Form1065? My 1st fiscal year ends 6/30/08.

Question

I formed a 2 member LLC on 7/1/07. Do I have until 10/15/08 to file Form1065? My 1st fiscal year ends 6/30/08.

Answer 1

If you have a 2 member LLC and are filing 1065, it was due 4/15/08.  You may have an accounting year end of 6/30, but for tax purposes you are a calendar year taxpayer/reporter.

Answer 2

The tax year of the partnership follows the tax year of the partners...since most individuals are calendar year, it follows that the partnership would also be a calendar year.

Unfortunately, if you do not have an extension, you need to get the forms done quickly.  The late penalty on the 1065 is now $85/mo per partner.

This also affects your personal returns.