myICLUB Blog

This year, more brokerage firms have missed the February 17th deadline for providing customers with their Form 1099s, which are necessary for preparing tax returns.

If your club is still waiting for 1099s from your brokerage or has other constraints preventing you from filing by March 17, 2025, there's an easy solution: apply to the IRS for an extension to the Form 1065 filing deadline.

Successfully filing IRS Form 7004 will automatically grant your club a six-month extension to the March 17th deadline. Even if you only need a few extra days or just another week to finalize your club's return, requesting an extension can reduce the stress around tax preparation.

Requesting an IRS extension is quick and easy, especially with our myICLUB IRS Form 7004 e-Filing service. With e-Filing, you can complete and transmit your extension request in just a matter of minutes and receive confirmation from the IRS almost immediately in most cases!

You can print and mail Form 7004, but the costs of printing and mailing with delivery receipt can exceed $18. But myICLUB's IRS-authorized Form 7004 Extension e-Filing service is just $13 — a bargain when it comes to providing peace of mind to the treasurer and meeting the club's filing obligations.

What Happens If You Miss the Deadline?

The IRS levies steep penalties for missing filing deadlines, even for tax pass-through entities like investment clubs and general partnerships. For deadlines after 12/31/2024, the penalty for late filing is $245 for each month per partner, up to a maximum of twelve months. A 10-member club that is late for just a month is subject to a $2,450 penalty. If that same club doesn't file a return at all, the penalty could total $24,500 at the maximum twelve month timeframe!