Is Your Investment Club In Wisconsin?

Laurie Frederiksen on

It has been brought to our attention that the State of Wisconsin is going to require all Wisconsin partnerships to file their state partnership returns electronically starting this year. At this point, all of the options for you to do so may cost more than the amount of income you have to report.

I just called the Wisconsin tax department and spoke to a very helpful person. He indicated that if you applied for a waiver to this requirement for this year you may have a good chance of getting it. He said to tell them if your income doesn't justify the expense you would have to file electronically and that having to do so would be an undo hardship and would mean you'd have to dissolve your club.
They feel that perhaps, by next year, demand might mean there will be some more reasonable options available for you to use.

I have also made our programmers aware of the situation. They are evaluating what we might do on our side.

--
Laurie Frederiksen
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Ryan Butler on

Do you happen to know where we can find more information on
this? I attempted to look on the web and was unable to
locate anything.

Paul Madison on

Laurie,

As you know, we have a multi-state family investment club and one family member who may join next year lives in Wisconsin. In your opinion would that mean we would have to file a Wisconsin state partnership return?

Thanks,

Paul Madison

On Sep 27, 2011, at 10:50 AM, Laurie Frederiksen wrote:

It has been brought to our attention that the State of Wisconsin is going to require all Wisconsin partnerships to file their state partnership returns electronically starting this year. At this point, all of the options for you to do so may cost more than the amount of income you have to report.

I just called the Wisconsin tax department and spoke to a very helpful person. He indicated that if you applied for a waiver to this requirement for this year you may have a good chance of getting it. He said to tell them if your income doesn't justify the expense you would have to file electronically and that having to do so would be an undo hardship and would mean you'd have to dissolve your club.
They feel that perhaps, by next year, demand might mean there will be some more reasonable options available for you to use.

I have also made our programmers aware of the situation. They are evaluating what we might do on our side.

--
Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio

Laurie Frederiksen on

In general, you don't have to file in other states unless you receive ordinary business income from businesses within them. This might be the case with income from MLP's but investment income from trading stocks does not fall into that category.

However, there are states where you do have to file if you had an out of state member who lived in them. I'm not familiar with the rules for Wisconsin in this regard and it may depend on the specifics of your club.

We'd recommend you contact the Wisconsin tax department and ask them specifically.

Their contact information is here:

http://www.dor.state.wi.us/contact/index.html

On Tue, Sep 27, 2011 at 5:16 PM, Paul Madison <madispa@gmail.com> wrote:

Laurie,

As you know, we have a multi-state family investment club and one family member who may join next year lives in Wisconsin. In your opinion would that mean we would have to file a Wisconsin state partnership return?

--
Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio

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