[olaminvestments]

I created an LLC in 2007. Filed IRS form 1065 in 2007, but then in 2008 and 2009 did not file. My reason for not filing, is that a 17% sub-LLC owned by us did not supply us with any formal tax information or form K-1 , since 2008, to complete our tax reports for the LLC. In 2010, we did file form 1065, even while still missing the tax data from the other sub-LLC, in order to pay a capital gains tax on the sale of another property owned by the main LLC . Should we now file incomplete returns for the tax years 2008 and 2009 ? If we will do so, then I understand we might need to pay a huge IRS late filing fee because the LLC has seven partners. Or I could now file form 1065 on time for the tax year 2011, and continue to wait to receive a K-1 form in the future fromt the 17% owned sub-entity LLC ? But if I wait, the penalties still exist and could grow with interest added. Or should I file now incomplete reports and then ask for rebatement of penalties, but it is not clear if that will be allowed ?

[AtlantaTaxExpert]

You need to get immediate PROFESSIONAL tax help from a CPA or enrolled agent.

The complexities of your situation is such that ANY answer provided by an expert on this forum would be incomplete and would probably do more harm than good.