I think the language about extending and amending your
return on Bivio is a bit confusing.
If you filed for an extension and have not yet filed the
return it is easy to change/amend the return because you
have not sent it in yet. Once you have filed your return the
process for later amending it is the same regardless of
whether you had an extension or not.
ira smilovitz on
The real issue is that amending a partnership return is either complicated (if you were able to elect out of CPAR) or very complicated (if you are subject to CPAR). The goal is to avoid having to amend your return. If you file without including Schedules K-2 and K-3 and the IRS determines you were required to include them, the penalties will be the same as the current penalties for not filing Schedule K-1 -- and as a kicker, the IRS is not likely to offer first time abatement because the club clearly didn't make a good faith effort to comply with the rules.
Filing for an extension gives you the time to do things correctly the first time.
I think the language about extending and amending your
return on Bivio is a bit confusing.
If you filed for an extension and have not yet filed the
return it is easy to change/amend the return because you
have not sent it in yet. Once you have filed your return the
process for later amending it is the same regardless of
whether you had an extension or not.
Patricia Kenber on
You are right. My concern was that some people I talked to
had got the impression from the use of the word `amend' that
the process of filing a 1065X would be easier if you had
filed an extension before filing the return.
One thing I did learn from looking at the7004 Extension form
instructions was that if you file a paper 7004, you should
file the return on paper too. If you e-filed the return it
would get to an IRS reviewer before the extension and that
could cause confusion and a penalty.
We only had US dividends this year so we would like to file
the return with the k1s, k2s, and k3s, by March 15th.
Laurie Frederiksen on
Actually it is easier to amend a return if it is before the due date of the return.
You can send in a "Superseding" return merely by writing "Superseding Return" on the top of each page of a new copy of your full filing and sending it in. If the due date (or extended due date, if you filed for an extension) has not passed, the new version of the return will replace the one that was originally filed.
If the due date (or extended due date you have because you filed for an extension) has passed, you need to file an amended return. That is a much more complicated process, especially if you have not opted out of the CPAR audit requirements.
Laurie Frederiksen Invest with your friends! www.bivio.com
You are right. My concern was that some people I talked to
had got the impression from the use of the word `amend' that
the process of filing a 1065X would be easier if you had
filed an extension before filing the return.
One thing I did learn from looking at the7004 Extension form
instructions was that if you file a paper 7004, you should
file the return on paper too. If you e-filed the return it
would get to an IRS reviewer before the extension and that
could cause confusion and a penalty.
We only had US dividends this year so we would like to file
the return with the k1s, k2s, and k3s, by March 15th.
Lucile Sorrells on
Okay guys, so what I am hearing is that we should file for an extension? Are there any directions for this? I have never done this before. My club members are already calling about when our taxes will be ready. What a mess.
On Wed, Feb 23, 2022 at 8:38 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
Actually it is easier to amend a return if it is before the due date of the return.
You can send in a "Superseding" return merely by writing "Superseding Return" on the top of each page of a new copy of your full filing and sending it in. If the due date (or extended due date, if you filed for an extension) has not passed, the new version of the return will replace the one that was originally filed.
If the due date (or extended due date you have because you filed for an extension) has passed, you need to file an amended return. That is a much more complicated process, especially if you have not opted out of the CPAR audit requirements.
Laurie Frederiksen Invest with your friends! www.bivio.com
You are right. My concern was that some people I talked to
had got the impression from the use of the word `amend' that
the process of filing a 1065X would be easier if you had
filed an extension before filing the return.
One thing I did learn from looking at the7004 Extension form
instructions was that if you file a paper 7004, you should
file the return on paper too. If you e-filed the return it
would get to an IRS reviewer before the extension and that
could cause confusion and a penalty.
We only had US dividends this year so we would like to file
the return with the k1s, k2s, and k3s, by March 15th.
Laurie Frederiksen on
Yes. We are recommending that all clubs file for an extension. Even if you can file by March 15, there is no guarantee that the IRS won't make late changes that would require adjustments to the forms you had filed.
As we have said, if you have to later change your filing because of them, it is much easier to do if it is before the due date. If you file for an extension the due date becomes Sept. 15.
Here are the instructions for filing for an extension. It is very easy:
Okay guys, so what I am hearing is that we should file for an extension? Are there any directions for this? I have never done this before. My club members are already calling about when our taxes will be ready. What a mess.
On Wed, Feb 23, 2022 at 8:38 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
Actually it is easier to amend a return if it is before the due date of the return.
You can send in a "Superseding" return merely by writing "Superseding Return" on the top of each page of a new copy of your full filing and sending it in. If the due date (or extended due date, if you filed for an extension) has not passed, the new version of the return will replace the one that was originally filed.
If the due date (or extended due date you have because you filed for an extension) has passed, you need to file an amended return. That is a much more complicated process, especially if you have not opted out of the CPAR audit requirements.
Laurie Frederiksen Invest with your friends! www.bivio.com
You are right. My concern was that some people I talked to
had got the impression from the use of the word `amend' that
the process of filing a 1065X would be easier if you had
filed an extension before filing the return.
One thing I did learn from looking at the7004 Extension form
instructions was that if you file a paper 7004, you should
file the return on paper too. If you e-filed the return it
would get to an IRS reviewer before the extension and that
could cause confusion and a penalty.
We only had US dividends this year so we would like to file
the return with the k1s, k2s, and k3s, by March 15th.
Allen Clark on
Thank you for the instructions for form 704!
On Thursday, February 24, 2022, 05:42:06 PM EST, Laurie Frederiksen <laurie@bivio.biz> wrote:
Yes. We are recommending that all clubs file for an extension. Even if you can file by March 15, there is no guarantee that the IRS won't make late changes that would require adjustments to the forms you had filed.
As we have said, if you have to later change your filing because of them, it is much easier to do if it is before the due date. If you file for an extension the due date becomes Sept. 15.
Here are the instructions for filing for an extension. It is very easy:
Okay guys, so what I am hearing is that we should file for an extension? Are there any directions for this? I have never done this before. My club members are already calling about when our taxes will be ready. What a mess.
On Wed, Feb 23, 2022 at 8:38 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
Actually it is easier to amend a return if it is before the due date of the return.
You can send in a "Superseding" return merely by writing "Superseding Return" on the top of each page of a new copy of your full filing and sending it in. If the due date (or extended due date, if you filed for an extension) has not passed, the new version of the return will replace the one that was originally filed.
If the due date (or extended due date you have because you filed for an extension) has passed, you need to file an amended return. That is a much more complicated process, especially if you have not opted out of the CPAR audit requirements.
Laurie Frederiksen Invest with your friends! www.bivio.com
You are right. My concern was that some people I talked to
had got the impression from the use of the word `amend' that
the process of filing a 1065X would be easier if you had
filed an extension before filing the return.
One thing I did learn from looking at the7004 Extension form
instructions was that if you file a paper 7004, you should
file the return on paper too. If you e-filed the return it
would get to an IRS reviewer before the extension and that
could cause confusion and a penalty.
We only had US dividends this year so we would like to file
the return with the k1s, k2s, and k3s, by March 15th.
Arsuron Papartassee on
Want to get a better clarification on the extensions.
Do we, as a club, file one for the club and all individuals
(or member) have to also file for extension?
ira smilovitz on
The club files a single extension for the club's tax return. As April 15 approaches, the members may have to file for their own extensions for their personal tax returns.
Want to get a better clarification on the extensions.
Do we, as a club, file one for the club and all individuals
(or member) have to also file for extension?
Scott Vaughan-Bonterre on
Yes. I saw that today.
I'll work on it this weekend.
Sent from my iPhone
On Feb 24, 2022, at 3:44 PM, ira smilovitz via bivio.com <user*2883400001@bivio.com> wrote:
The club files a single extension for the club's tax return. As April 15 approaches, the members may have to file for their own extensions for their personal tax returns.
Want to get a better clarification on the extensions.
Do we, as a club, file one for the club and all individuals
(or member) have to also file for extension?
Peter Dunkelberger on
The club's return is the only return for which the club can file a request for an extension.
Just because the club files for an extension does not mean that the members also have to file for an extension.
You should inform your members of the situation with Bivio and tell them that the information from the club necessary for their return might be delayed and each member should decide if that member needs to file a request for an extension.
The club's return (if a partnership) is due March 15. The personal returns are due April 18 this year,
Want to get a better clarification on the extensions.
Do we, as a club, file one for the club and all individuals
(or member) have to also file for extension?
Alessandro Squeo on
The instructions are not very clear on form 7004. What do
we put in the field "Identifying Number"? Is that the EIN of
the Partnership? How we determine what to put for field 6,
7?
What else do we need to include with this form. Can Bivio
generate the form 7004 for us to download and send? Makes
sense since we're paying for this service.
Alessandro Squeo on
I Ira and Bivio team, the instructions are not very clear on
form 7004. What do
we put in the field "Identifying Number"? Is that the EIN of
the Partnership? How we determine what to put for field 6,
7? What else do we need to include with this form.
Can Bivio generate the form 7004 for us to download and
send? Makes
sense since we're paying for this service.
What are your thoughts?
I also requested if there is someone that we could talk to
at Bivio Support via phone call?
Is that possible.
Best Regards,
Alessandro Squeo
Laurie Frederiksen on
You've sent this same question to support and we have sent you a link with very complete instructions for filling in the form. It also includes links to a sample filled in form.
I Ira and Bivio team, the instructions are not very clear on
form 7004. What do
we put in the field "Identifying Number"? Is that the EIN of
the Partnership? How we determine what to put for field 6,
7? What else do we need to include with this form.
Can Bivio generate the form 7004 for us to download and
send? Makes
sense since we're paying for this service.
What are your thoughts?
I also requested if there is someone that we could talk to
at Bivio Support via phone call?
Is that possible.
Best Regards,
Alessandro Squeo
Rebecca Kruse on
Hi Alessandro,
I sent you a message responding to your first email a few minutes ago. Check your inbox for a message from bivio support.
And yes, you fill in your club's EIN number, and you will leave boxes 6, 7, and 8 blank.
Don't forget to use certified mail and return receipt when mailing the extension or your tax return.
I Ira and Bivio team, the instructions are not very clear on
form 7004. What do
we put in the field "Identifying Number"? Is that the EIN of
the Partnership? How we determine what to put for field 6,
7? What else do we need to include with this form.
Can Bivio generate the form 7004 for us to download and
send? Makes
sense since we're paying for this service.
What are your thoughts?
I also requested if there is someone that we could talk to
at Bivio Support via phone call?
Is that possible.