LLC Extension Due Date: Everything You Need to Know
An LLC extension due date refers to the date when an extension for filing the tax return of a limited liability company (LLC) is due. 3 min read
2. Other Notable Tax Dates
3. How to File an Extension for LLC Tax Return
4. LLC Extended Due Dates
An LLC extension due date refers to the date when an extension for filing the tax return of a limited liability company (LLC) is due. Owners of LLCs are allowed to file extensions if they are unable to get their taxes done in time. The process of getting an extension on a tax return deadline is relatively easy.
Due Dates for Tax Returns
Amended due dates for tax returns became effective for taxable years beginning after Dec. 31, 2015. A single-member LLC pays taxes in the same way as a sole proprietorship, using a Schedule C form to calculate net income. Its tax return for the current year is due on April 15 of the following year. As such, a 2017 Schedule C form, along with the personal tax return of the owner, is due on April 17, 2018. A multi-member LLC is typically taxed as a partnership. Therefore, it is required to follow the filing and payment requirements that apply to partnerships.
A fiscal-year partnership must use IRS Form 1065 to file its tax return and submit it by the 15th day of the third month after year-end. It is able to obtain a six-month extension from that date. Similar to a partnership, a multi-member LLC is also required to give its members Schedule K forms by March 15. If the due date for the tax return happens to be a weekend or holiday, it will be moved to the next working day.
Other Notable Tax Dates
Depending on the nature, employment situation, and activities of an LLC, there are certain tax dates that should be kept in mind.
- Form 941 for Social Security tax
- Form 941 for Medicare tax
- Form 941 for withheld income tax
- Form 940 for federal unemployment tax
- Taxes for employees receiving tips
- Form 944 for certain small employers
- Taxes for farm employers
- Information returns for certain payments, or Form 1099, for all businesses
- Form 1096 for payers of gambling winnings
- Statement for the transmittal of wages and taxes, or Form W3, for all employers
- Form 8027 for employers in the food and beverage industry
How to File an Extension for LLC Tax Return
When the owners of an LLC feel that they cannot meet the deadline for filing their tax returns, they should file for extensions. It is important to know that the extension due date is the same as the deadline for the original tax return. If the deadline for the tax return is changed for a certain year because it occurs on a weekend or holiday, the extension deadline will change as well.
A multi-member LLC that is paying taxes as a partnership can get an automatic extension by filing IRS Form 7004. As for a single-member LLC, personal tax return extensions can be obtained by filing Form 4868, which includes information from the Schedule C form. Automatic extension times vary for different types of businesses. A single-member LLC filing as a sole proprietorship will get a six-month extension, while a multi-member LLC will be given a five-month extension.
LLC Extended Due Dates
The extended due date for IRS forms 1040 and 1065 will be six months after the deadline for filing the tax return. Calendar-year businesses filing annual returns for reporting transactions with foreign trusts and the receipt of foreign gifts, or Form 3520, have to do so by April 15. They can get extensions of up to six months.
The information return of a foreign trust owned by a U.S. person or company, or Form 3520-A, must be filed by the 15th day of the third month following the end of the taxable year for the trust. A maximum six-month extension from that day is allowed.
For organizations that are exempt from income tax, there is an automatic six-month extension starting from the due date for filing their 990s. Forms 5227 and 8870 come with automatic six-month extensions beginning on the deadline for filing the returns. Returns of excise taxes, or forms 4720 and 6069, have automatic six-month extensions starting from the filing deadline.
A single-member LLC filing Schedule C has an extension until Oct. 16, while the extended due date for a multi-member LLC filing as a partnership is Sept. 17.
If you need help with LLC extension due dates, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.