We don't get this questions about filing an extension too often, but every once in a while there is a perfect storm of circumstances that results in a club treasurer not being able to get tax forms done by the regular April 15th due date.

In that case, the IRS has built some provisions (shocking, I know) into the tax code to allow for filing extensions.

To file for an extension, your best solution is to go straight to the source, the Internal Revenue Service, at www.irs.gov. at:

http://www.irs.gov/formspubs/article/0,,id=98155,00.html

There are of course many many forms listed there; the two of most use in this case are:   

• Form 7004, Application for Automatic 6-Month Extension of Time To File Certain Business Income Tax, Information, and Other Returns
• Form 4868, Application for Automatic Extension of Time To File U.S. Income Tax Return  by the due date for filing your calendar year return (usually April 15) or fiscal year return.

There are of course further instructions when you get to the site, but the short form is that form 7004 is for the club to file, and form 4868 is for the members to file.

While nobody likes to file more paperwork than they need to, these can give everyone a bit of breathing room to get things taken care of when those last minute issues crop up.

How does this affect members who are waiting to file their K-1's with their individual returns?

I may be misunderstanding the question (lord knows it wouldn't be the first time), but that's where the form 4868 comes in. It wasn't made specifically for club members, but it's what a club member would file as an individual to get an extension on their personal taxes while waiting for the K-1 forms to come out.