Filing Extensions in Sight

If you own a partnership or multi-member LLC that reports on a calendar-year basis, the 2008 income tax return for the entity is due on April 15. 

If you can’t meet this deadline, you can obtain an automatic filing extension by filing Form 7004 (enter Form Code 09 on the extension form).

This year, the extension runs only for five months (to September 15, 2009).  Previously there had been a six-month extension for such entities.

Why the change?  To allow owners time to receive the Schedule K-1 from the entity showing their share of business income, deductions, etc., so they can have at least a month to prepare their individual returns (due October 15, 2009, if owners obtained a filing extension for their personal returns).

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