ajuroff Posted April 14, 2010 Report Share Posted April 14, 2010 Client comes and and informs me that, in 2009, he and his brother formed a Domestic LLC. They are buying and renting out homes. I think I'm looking at a partnership here. But, being pretty new to me, I'm confused. I have the articles of organization as well as an operating agreement between the two brothers. Line 1.1 of the agreement states: The Members form a LLC ("Company") pursuant to the Act. This entity is not a corporation, general partnership, limited partnership, or joint venture, and no member or manager shall be construed to be a partner or shareholder in the Company. My first instinct is the 1065 and 8825. Am I wrong? Am I crazy for agreeing to this on April 14th? Quote Link to comment Share on other sites More sharing options...
cred65 Posted April 14, 2010 Report Share Posted April 14, 2010 The LLC defaults to a 1065 if multiple owners. Use Form 8825 for rental units. Yea, you might be crazy. Quote Link to comment Share on other sites More sharing options...
SunTaxMan Posted April 15, 2010 Report Share Posted April 15, 2010 Now tell us...... You really didn't tell them the returns would be done by tomorrow! Did you? Especially considering the due date was 3-15 for the 1065! Quote Link to comment Share on other sites More sharing options...
michaelmars Posted April 15, 2010 Report Share Posted April 15, 2010 Now tell us...... Especially considering the due date was 3-15 for the 1065! You need some rest! <s> Quote Link to comment Share on other sites More sharing options...
elfling Posted April 15, 2010 Report Share Posted April 15, 2010 Now tell us...... You really didn't tell them the returns would be done by tomorrow! Did you? Especially considering the due date was 3-15 for the 1065! Really?? Since when?? Where'd you see that?? Been a partnership for over 12 years. Always been due 4/15. Quote Link to comment Share on other sites More sharing options...
ajuroff Posted April 15, 2010 Author Report Share Posted April 15, 2010 Really?? Since when?? Where'd you see that?? Been a partnership for over 12 years. Always been due 4/15. The tax year ends 12-31, so due date is 4-15.(or am I still in crazy world?)I am filing an extension - can't please everyone. Thank you all for your input. Quote Link to comment Share on other sites More sharing options...
SunTaxMan Posted April 15, 2010 Report Share Posted April 15, 2010 I guess the rest is a good idea. I have everything done that HAS to be done by 4-15. And it really IS time to rest. Thanks to all on the board - great bunch! Quote Link to comment Share on other sites More sharing options...
mcb39 Posted April 15, 2010 Report Share Posted April 15, 2010 I thought that I was losing it as I just filed ours on Monday. Oh, my tired eyes, shoulders, neck and brain...Had to send a few down the road today. I cannot believe what possesses people to come to your door on April 14 with two years of taxes and actually expect you to prepare them before midnight tomorrow. I still have fifteen in the box, but have filed precautionary extensions for most of them. Have a wonderful day tomorrow, all......... Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted April 15, 2010 Report Share Posted April 15, 2010 I like the rest of you thought I was loosing it as well and wondered if I screwed up by having an LLC file their 1065 by tommorrow. Stop shaking me up like that! My already frazzled nerves and burned out brain can't handle much more. Time for a break. Quote Link to comment Share on other sites More sharing options...
GeneInAlabama Posted April 15, 2010 Report Share Posted April 15, 2010 >>Really?? Since when?? Where'd you see that?? << Starting last year. Partnership returns are due on 3-15-10. Sure makes it a lot easier for preparing the personal returns for the partners. Quote Link to comment Share on other sites More sharing options...
cred65 Posted April 15, 2010 Report Share Posted April 15, 2010 >>Really?? Since when?? Where'd you see that?? << Starting last year. Partnership returns are due on 3-15-10. Sure makes it a lot easier for preparing the personal returns for the partners. According to IRS instructions on website "15th day of fourth month". Us folks down here in KY can even figure that one out! (Actually I now live in Cinti, OH). Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted April 15, 2010 Report Share Posted April 15, 2010 Gene, you might be thinking that the extension to file has been shortened by a month to September. Maybe that's what you're thinking? Remembering? Quote Link to comment Share on other sites More sharing options...
GeneInAlabama Posted April 15, 2010 Report Share Posted April 15, 2010 Yeah, I guess so. But I was ALMOST right. Does that count for anything? I checked the instructions and found that everyone else was right and I was wrong. Kind of humbling, but I hope it isn't the last time I'm wrong. I hope I live a whole lot longer than that. Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted April 15, 2010 Report Share Posted April 15, 2010 Hmmm, you just might maybe perchance have noticed that I and one or two others on this board have been incorrect (aka wrong) on one or more occasions, too. I think we just hope to catch our errors or have them caught before any real damage (besides that to our egos) is done! Now be kind to yourself and those around you as we collectively begin to live and breathe again for a while. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted April 15, 2010 Report Share Posted April 15, 2010 Hmmm, you just might maybe perchance have noticed that I and one or two others on this board have been incorrect (aka wrong) on one or more occasions, too. I think we just hope to catch our errors or have them caught before any real damage (besides that to our egos) is done! Now be kind to yourself and those around you as we collectively begin to live and breathe again for a while. Jainen has caught many of us at some time or other. Good Luck All! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.