We have been working very diligently to improve your investment club tax program for this year. You now have more tools to address the sometimes complicated issues related to the new cost basis reporting laws.

We are proud to say we are the only investment club tax preparation program that allows you to address wash sales and that gives you a dividend review form. It allows you to compare distribution information on your 1099 directly to what is in bivio so that any items affecting cost basis can be identified and adjusted correctly.

The Tax program is now available for you to use if you go to Accounting>Taxes.

As always, you will not be able to prepare your club taxes until you've received your 1099's from your broker. Brokers are supposed to have 1099's to you by February 18, but check their websites, some are already saying they will not be available until later than that.

You will see when you go to the Taxes page that there are steps laid out that guide you through the tax preparation process. Each step is a link that you should select. It is extremely important that you do all of them or you will not generate correct tax forms.

Please let us know if you see discrepancies between the information on your 1099's and your information in bivio that you do not know how to correct. For the fastest service, please email your questions to support@bivio.com. Attach a copy of your 1099 form to the email and let us know the specific entries you have questions about.

Even if you feel you need a phone call, we recommend you email and let us know your phone number and two or three times when you might be available. Please understand that calling is probably the slowest method to get an answer to a question. You should email with questions if at all possible.

We recently held a webinar which covered the whole tax preparation process. You can find a link to the webinar and the recording here:

2013 Tax Preparation - How To

The state tax programs for CO, NJ, NY, PA and CA have also been released. If the address for your club that you have stored in bivio is in one of those states, you will be presented with the appropriate questions you need to complete the forms when you take the Federal tax interview.

If you'd like to know whether your club needs to file state taxes you can find out more about your requirements and your filing options here:

State Tax Requirements

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Looking forward to working with you this year!
Your friends at bivio

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