NECPA in NEBRASKA Posted April 12, 2021 Report Posted April 12, 2021 My Nebraska LLC client bought a commercial rental property in Kentucky. It looks like they need to file a PTE. I was really hoping to file an extension and pay up by this week to cover 2020 and 1st qtr 2021. The Federal 7004 was filed timely last month. Is it possible for the partners to file a Kentucky extension and pay or does the money have to come from the LLC? I found a form PTE in ATX and it looks like a pain. They also have Nebraska properties in the LLC. I would like to kick the broker that talked them into this. Thanks to anyone that knows anything. I am still reading instructions. Quote
gfizer Posted April 13, 2021 Report Posted April 13, 2021 The LLC will have to file an extension and remit the Limited Liability Entity Tax on KY Form 41A720SL. The partners will also have to file individual extensions if they are required to file in KY. The PTE form is new this year and looks worse than it is. It is due on May 17th this year (Kentucky doesn't use the March 15 deadline like the Feds). Quote
NECPA in NEBRASKA Posted April 13, 2021 Author Report Posted April 13, 2021 2 minutes ago, gfizer said: The LLC will have to file an extension and remit the Limited Liability Entity Tax on KY Form 41A720SL. The partners will also have to file individual extensions if they are required to file in KY. The PTE form is new this year and looks worse than it is. It is due on May 17th this year (Kentucky doesn't use the March 15 deadline like the Feds). Thank you! I did something right. I got the LLET extended and then had them pay it and the partners filed extensions with payments. The PTE form is so many pages for a state return. I'm used to Nebraska and Iowa being so much shorter. Quote
gfizer Posted April 13, 2021 Report Posted April 13, 2021 Just now, NECPA in NEBRASKA said: Thank you! I did something right. I got the LLET extended and then had them pay it and the partners filed extensions with payments. The PTE form is so many pages for a state return. I'm used to Nebraska and Iowa being so much shorter. Yeah. Kentucky used to have separate returns for general partnerships, LLC partnerships, corporations, and s corporations but decided this year to consolidate them all into this PTE form. It should've been named the PITA in my humble opinion. 4 Quote
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