The most important thing to remember is take action immediately; do not wait until the last minute. Often, the longer you wait to take action the more difficult it is to resolve the issue. Generally, the first action we recommend is contacting your accountant. Your accountant can discuss the options you have, and help you determine the best way to precede with the notice.
If an LLC taxed as a partnership generates capital gain/loss it passes that gain to the members and the members report the gain/loss on their Individual Income Tax Returns as capital gain/loss. This capital gain/loss is netted against other capital gain/loss the individual has; including capital loss carry forwards. If the net result is a gain the individual pays tax on the net gain. If the net result is a loss, up to $3,000 is deductible against other types of income and the remaining is carried forward as capital loss.
The rules related to Gift Tax are complex. Generally, if the value of the gift you give is $13,000 or less the gift does not have to be reported. However, due to the complexity of the rules surrounding gift tax it is recommended that you contact your accountant prior to making a gift.
There is no evidence that filing an extension is a "red flag." A hastily prepared and possibly inaccurate return filed by the original due date is much more likely to be audited than a carefully prepared one filed by the extended due date.
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REGAL TAX ADVISORY GROUP LLC | 1500 NW 89th Ct #106, Doral, FL | (800) 6000-TAX (829)