Filing for an Extension

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.

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 2023, as needed:

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. Check your state revenue department website to determine what you need to do.

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