If you will not be able to file your club taxes by the date they are due, you need to file for an extension before the original due date. For example, you need to file before March 15 to receive an automatic extension of your due date to September 15.

We recommend all clubs file an extension, especially those clubs that do not opt out of CPAR (The Centralized Partnership Audit Regine). It provides more time for your club to file or correct a return.

You can either e-file the extension using bivio or complete and print and mail Form 7004.

E-Filing the Extension with the IRS

You can generate and e-file an extension for your club using the information entered in bivio. This requires a current bivio subscription and is available when the current year's bivio tax program is released.

1. Select Accounting > Taxes and select the year. At the bottom of the page below "Need More Time?" click "Authorize e-filing of IRS Form 7004".

2. Review the Form 7004 online. Confirm your club's name, address and EIN number are correct. Code 09 is an extension of a partnership return Form 1065.

3. At the bottom of the page read the Consent to Disclosure. Type your full name and click to confirm you agree.

4. Click to authorize bivio to electronically submit the club's extension Form 7004. The e-filing process will begin and can't be undone.

5. Check the status of your filing on the bivio Accounting > Taxes page. A notice will be displayed when the filed 7004 extension is accepted.

6. Print and keep both the submitted Form 7004 and the proof of acceptance.

State Extensions

If your club has to file state tax forms, a state may require you to file a separate extension form with that state.

New Jersey and Pennsylvania accept the federal extension, which will automatically included with the e-filed state return if your club has e-filed the IRS Form 7004 with bivio.

California and Colorado automatically grant extensions without additional forms.

New York extensions may be requested on the official state revenue department website at https://www.tax.ny.gov/pit/file/ext.htm.

Most clubs won't owe any payments to the states above, but note that clubs any clubs that do owe must make any required payments by state's original filing deadline, regardless of an accepted extension. Possible required payments include, but are not limited to, a yearly fee for California LLCs or New Jersey filing fees. Making these payments is not supported by bivio.

For other states, check the state revenue department websites to determine what you need to do.

Printing and Mailing Extension Form 7004 to the IRS

You file using IRS form 7004. You can find a blank form and the IRS instructions for filling it in here:

Form 7004

You can see an example of how the form is filled in for an investment club for 2021 here. Change the year to the current year:

Form 7004 Filled in Example

Note these things:

1. The club name, EIN number and address should agree with what was shown on your club form 1065 in the previous tax year unless you have since officially changed it with the IRS.

2. If the tax return you are requesting an extension for does not cover a full year, adjust the entries on line 5 as needed to reflect the period it does cover.

   For example, if your club disbanded in July of 2021, enter 1/1/2021 as the beginning date and whatever date your club was closed as the ending date. That date will be shown on the final, partial year tax return you generate in bivio. In this case, you also check the box labeled final.

   Similarly if your club began in 2021, you'd enter the beginning date in the beginning field and 12/31/2021 in the ending date field. Check the box labeled initial.

   If your club did not start or end during the tax year, you just enter the year as shown on the example form. The example is for a club requesting an extension for the 2021 tax year.

   Lines 6, 7 and 8 should be filled in with 0's as shown.

3. You can find the address to mail the form to on page four in the instructions from the IRS site under the section "Where to File". Look down the list for 1065 and then find your state.

4. You should mail the form by Certified Mail and request a Return Receipt. That gives you proof of timely mailing and proof that it was received by the IRS.

5. If your club also has to file state tax forms, you may need to file for an extension with your state(s). Check the state revenue department websites to determine what you need to do.