Tax forms

craigmc55 on

Here is the timeline our club tries to follow. Getting the Annual Audit team done by Feb 1 is typically a challenge.

Timeline:

1. Annual Audit team complete... Feb 1^st

2. Treasure resolves any discrepancies found during the audit... Feb 15

3. Receive 1099 from Broker... Allow till mid-Feb

4. Bivio to incorporate tax changes/forms in Bivio software... Mid Feb

5. Treasurer completes taxes with Bivio software and provides K-1 to club members... Mar 1 (if done earlier, everyone happy)

6. Treasurer mails tax forms to IRS by March 15... mailed certified return receipt.

From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Norman Gee via bivio.com
Sent: Saturday, February 06, 2021 10:08 AM
To: The Club Cafe <club_cafe@bivio.com>
Subject: Re: [club_cafe] Tax forms

It would be the IRS to finalize it on March 14 with it due on the 15th.

On Sat, Feb 6, 2021 at 10:06 AM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

I do not understand the pressure that comes every year to file the returns. Personal returns are not due until April 15. Partnership returns are due 3/15, but one can always get an extension. It is like keystone cops. One would think if the returns are not done immediately the world will implode.
Peter Dunkelberger
On Sat, Feb 6, 2021 at 12:45 PM Rg R via bivio.com <user*19295800001@bivio.com> wrote:
I would add a 4th!Tthe need to allow time for the meeting of the Audit Committee!
On Sat, Feb 6, 2021 at 11:07 AM Jack Ranby via bivio.com <user*15792700001@bivio.com> wrote:
Candy, a treasurer needs three things in order to prepare the club tax returns:
1.       A 1099 from the broker
2.       Bivio to release the tax preparation software with all updates necessitated by laws changed by Congress in the prior year,
3.       And personal time as a volunteer to dedicate to preparation of both the federal and state returns carefully, make copies, take them to the post office to mail certified, address envelopes and mail K-1s to members.

In my case, Schwab is projecting that the club's 1099 will be available 19 Feb. I don't know when bivio will release the tax preparation program, but it has always left adequate time to meet the 15 March deadline. If you have more free time than your treasurer, perhaps you should volunteer to perform the duties next year.

Jack Ranby

From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Candy McKnight via bivio.com
Sent: Saturday, 6 February, 2021 08:38
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Tax forms

Why the March 1 date? Every year I'm ready to get my taxes done with the exception of K-1 from my investment club?
Sent from my iPhone
On Feb 6, 2021, at 9:52 AM, Dave Swierenga via bivio.com <user*18887000001@bivio.com> wrote:

Norman,

You need to educate the "natives" that club K-1s won't be available until March 1.   Then when you have them ready on Feb. 25 (or so) they will thank you for being early

Dave Swierenga
A club treasurer for many years and understand where you are coming from

On Saturday, February 6, 2021, 1:00:22 AM CST, Norman Gee via bivio.com <user*125100001@bivio.com> wrote:

The club natives are getting restless. Any word on when the tax forms will be ready?

Peter Dunkelberger on

I once had a member really get agitated when he was told we have to do the audit first. He said "what does the audit have to do with our tax returns?" Dead silence--no one could talk after their mouth dropped to the floor.

Peter

On Sat, Feb 6, 2021 at 1:08 PM Norman Gee via bivio.com <user*125100001@bivio.com> wrote:

It would be the IRS to finalize it on March 14 with it due on the 15th.

On Sat, Feb 6, 2021 at 10:06 AM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:
I do not understand the pressure that comes every year to file the returns. Personal returns are not due until April 15. Partnership returns are due 3/15, but one can always get an extension. It is like keystone cops. One would think if the returns are not done immediately the world will implode.

Peter Dunkelberger

On Sat, Feb 6, 2021 at 12:45 PM Rg R via bivio.com <user*19295800001@bivio.com> wrote:
I would add a 4th!Tthe need to allow time for the meeting of the Audit Committee!

On Sat, Feb 6, 2021 at 11:07 AM Jack Ranby via bivio.com <user*15792700001@bivio.com> wrote:
Candy, a treasurer needs three things in order to prepare the club tax returns:
1. A 1099 from the broker
2. Bivio to release the tax preparation software with all updates necessitated by laws changed by Congress in the prior year,
3. And personal time as a volunteer to dedicate to preparation of both the federal and state returns carefully, make copies, take them to the post office to mail certified, address envelopes and mail K-1s to members.

In my case, Schwab is projecting that the club's 1099 will be available 19 Feb. I don't know when bivio will release the tax preparation program, but it has always left adequate time to meet the 15 March deadline. If you have more free time than your treasurer, perhaps you should volunteer to perform the duties next year.

Jack Ranby

From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Candy McKnight via bivio.com
Sent: Saturday, 6 February, 2021 08:38
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Tax forms

Why the March 1 date? Every year I'm ready to get my taxes done with the exception of K-1 from my investment club?
Sent from my iPhone

On Feb 6, 2021, at 9:52 AM, Dave Swierenga via bivio.com <user*18887000001@bivio.com> wrote:

Norman,

You need to educate the "natives" that club K-1s won't be available until March 1. Then when you have them ready on Feb. 25 (or so) they will thank you for being early

Dave Swierenga
A club treasurer for many years and understand where you are coming from

On Saturday, February 6, 2021, 1:00:22 AM CST, Norman Gee via bivio.com <user*125100001@bivio.com> wrote:

The club natives are getting restless. Any word on when the tax forms will be ready?

Bob Mann on

Peter,

there are people who get a refund every year. Knowing they are getting a refund they desire to submit their tax return as early as possible.

Bob

On 02/06/2021 1:04 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

I do not understand the pressure that comes every year to file the returns. Personal returns are not due until April 15. Partnership returns are due 3/15, but one can always get an extension. It is like keystone cops. One would think if the returns are not done immediately the world will implode.

Peter Dunkelberger

On Sat, Feb 6, 2021 at 12:45 PM Rg R via bivio.com <user* 19295800001@bivio.com> wrote:

I would add a 4th!Tthe need to allow time for the meeting of the Audit Committee!

On Sat, Feb 6, 2021 at 11:07 AM Jack Ranby via bivio.com <user* 15792700001@bivio.com> wrote:

Candy, a treasurer needs three things in order to prepare the club tax returns:

1.       A 1099 from the broker

2.       Bivio to release the tax preparation software with all updates necessitated by laws changed by Congress in the prior year,

3.       And personal time as a volunteer to dedicate to preparation of both the federal and state returns carefully, make copies, take them to the post office to mail certified, address envelopes and mail K-1s to members.

In my case, Schwab is projecting that the club's 1099 will be available 19 Feb. I don't know when bivio will release the tax preparation program, but it has always left adequate time to meet the 15 March deadline. If you have more free time than your treasurer, perhaps you should volunteer to perform the duties next year.

Jack Ranby

From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Candy McKnight via bivio.com
Sent: Saturday, 6 February, 2021 08:38
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Tax forms

Why the March 1 date? Every year I'm ready to get my taxes done with the exception of K-1 from my investment club?

Sent from my iPhone

On Feb 6, 2021, at 9:52 AM, Dave Swierenga via bivio.com <user*18887000001@bivio.com> wrote:

Norman,

You need to educate the "natives" that club K-1s won't be available until March 1.   Then when you have them ready on Feb. 25 (or so) they will thank you for being early

Dave Swierenga

A club treasurer for many years and understand where you are coming from

On Saturday, February 6, 2021, 1:00:22 AM CST, Norman Gee via bivio.com <user*125100001@bivio.com> wrote:

The club natives are getting restless. Any word on when the tax forms will be ready?

John Munn on

Peter... Parents who need to file the FAFSA for their kids colleges are under a deadline. When my kids were in college it was a struggle each year for me to meet it and I was always waiting for the K-1 forms. Many of my partners don't even wait for the K-1 forms. They just take the info from bivio's tax report. I there were material changes (highly unlikely) from the bivio reports and the K-1, a return can always be amended.

On Sat, Feb 6, 2021 at 2:16 PM Bob Mann via bivio.com <user*12614800001@bivio.com> wrote:

Peter,

there are people who get a refund every year. Knowing they are getting a refund they desire to submit their tax return as early as possible.

Bob

On 02/06/2021 1:04 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

I do not understand the pressure that comes every year to file the returns. Personal returns are not due until April 15. Partnership returns are due 3/15, but one can always get an extension. It is like keystone cops. One would think if the returns are not done immediately the world will implode.

Peter Dunkelberger

On Sat, Feb 6, 2021 at 12:45 PM Rg R via bivio.com <user* 19295800001@bivio.com> wrote:

I would add a 4th!Tthe need to allow time for the meeting of the Audit Committee!

On Sat, Feb 6, 2021 at 11:07 AM Jack Ranby via bivio.com <user* 15792700001@bivio.com> wrote:

Candy, a treasurer needs three things in order to prepare the club tax returns:

1. A 1099 from the broker

2. Bivio to release the tax preparation software with all updates necessitated by laws changed by Congress in the prior year,

3. And personal time as a volunteer to dedicate to preparation of both the federal and state returns carefully, make copies, take them to the post office to mail certified, address envelopes and mail K-1s to members.

In my case, Schwab is projecting that the club's 1099 will be available 19 Feb. I don't know when bivio will release the tax preparation program, but it has always left adequate time to meet the 15 March deadline. If you have more free time than your treasurer, perhaps you should volunteer to perform the duties next year.

Jack Ranby

From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Candy McKnight via bivio.com
Sent: Saturday, 6 February, 2021 08:38
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Tax forms

Why the March 1 date? Every year I'm ready to get my taxes done with the exception of K-1 from my investment club?

Sent from my iPhone

On Feb 6, 2021, at 9:52 AM, Dave Swierenga via bivio.com <user*18887000001@bivio.com> wrote:

Norman,

You need to educate the "natives" that club K-1s won't be available until March 1. Then when you have them ready on Feb. 25 (or so) they will thank you for being early

Dave Swierenga

A club treasurer for many years and understand where you are coming from

On Saturday, February 6, 2021, 1:00:22 AM CST, Norman Gee via bivio.com <user*125100001@bivio.com> wrote:

The club natives are getting restless. Any word on when the tax forms will be ready?

Laurie Frederiksen on

The IRS has been busy getting out stimulus checks to everyone.

They are not even accepting personal tax returns until February 12.

The Fafsa due date has been changed to June 30.

We don't have final tax form instructions from the IRS to finish up with.

If you already have your 1099,  you can get started now with the first three steps of the tax program now which are:

1.  Do an audit to verify your club information is correct in bivio:

https://www.bivio.com/site-help/bp/Audit_Presentation_Help

2.  Check your dividends reported on your 1099-DIV against the bivio 1099-DIV review report you can find on the Accounting>Reports page.    Address any issues found there.

3.  Check your capital gains and losses on your 1099-B against the bivio 1099-B review form you can find on the Accounting>Reports page.  Address any issues found there.

This is the most time consuming part of the tax prep process.  If everything checks out correctly in the steps above,  you'll be able to do your club taxes in a few minutes when the program is released.

Laurie Frederiksen
Invest with your friends!
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On Sat, Feb 6, 2021 at 3:46 PM John Munn via bivio.com <user*223700001@bivio.com> wrote:

Peter... Parents who need to file the FAFSA for their kids colleges are under a deadline. When my kids were in college it was a struggle each year for me to meet it and I was always waiting for the K-1 forms. Many of my partners don't even wait for the K-1 forms. They just take the info from bivio's tax report. I there were material changes (highly unlikely) from the bivio reports and the K-1, a return can always be amended.

On Sat, Feb 6, 2021 at 2:16 PM Bob Mann via bivio.com <user*12614800001@bivio.com> wrote:

Peter,

there are people who get a refund every year. Knowing they are getting a refund they desire to submit their tax return as early as possible.

Bob

On 02/06/2021 1:04 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

I do not understand the pressure that comes every year to file the returns. Personal returns are not due until April 15. Partnership returns are due 3/15, but one can always get an extension. It is like keystone cops. One would think if the returns are not done immediately the world will implode.

Peter Dunkelberger

On Sat, Feb 6, 2021 at 12:45 PM Rg R via bivio.com <user* 19295800001@bivio.com> wrote:

I would add a 4th!Tthe need to allow time for the meeting of the Audit Committee!

On Sat, Feb 6, 2021 at 11:07 AM Jack Ranby via bivio.com <user* 15792700001@bivio.com> wrote:

Candy, a treasurer needs three things in order to prepare the club tax returns:

1. A 1099 from the broker

2. Bivio to release the tax preparation software with all updates necessitated by laws changed by Congress in the prior year,

3. And personal time as a volunteer to dedicate to preparation of both the federal and state returns carefully, make copies, take them to the post office to mail certified, address envelopes and mail K-1s to members.

In my case, Schwab is projecting that the club's 1099 will be available 19 Feb. I don't know when bivio will release the tax preparation program, but it has always left adequate time to meet the 15 March deadline. If you have more free time than your treasurer, perhaps you should volunteer to perform the duties next year.

Jack Ranby

From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Candy McKnight via bivio.com
Sent: Saturday, 6 February, 2021 08:38
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Tax forms

Why the March 1 date? Every year I'm ready to get my taxes done with the exception of K-1 from my investment club?

Sent from my iPhone

On Feb 6, 2021, at 9:52 AM, Dave Swierenga via bivio.com <user*18887000001@bivio.com> wrote:

Norman,

You need to educate the "natives" that club K-1s won't be available until March 1. Then when you have them ready on Feb. 25 (or so) they will thank you for being early

Dave Swierenga

A club treasurer for many years and understand where you are coming from

On Saturday, February 6, 2021, 1:00:22 AM CST, Norman Gee via bivio.com <user*125100001@bivio.com> wrote:

The club natives are getting restless. Any word on when the tax forms will be ready?

Connie Humble on

People who are in agriculture of many different entities are required to file by March 15. I haven heard of any extensions but maybe there is.

From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Bob Mann via bivio.com
Sent: Saturday, February 6, 2021 12:15 PM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Tax forms

Peter,

there are people who get a refund every year. Knowing they are getting a refund they desire to submit their tax return as early as possible.

Bob

On 02/06/2021 1:04 PM Peter Dunkelberger via bivio.com <user*26984900001@bivio.com> wrote:

I do not understand the pressure that comes every year to file the returns. Personal returns are not due until April 15. Partnership returns are due 3/15, but one can always get an extension. It is like keystone cops. One would think if the returns are not done immediately the world will implode.

Peter Dunkelberger
On Sat, Feb 6, 2021 at 12:45 PM Rg R via bivio.com <user* 19295800001@bivio.com> wrote:
I would add a 4th!Tthe need to allow time for the meeting of the Audit Committee!
On Sat, Feb 6, 2021 at 11:07 AM Jack Ranby via bivio.com <user* 15792700001@bivio.com> wrote:
Candy, a treasurer needs three things in order to prepare the club tax returns:
1.       A 1099 from the broker
2.       Bivio to release the tax preparation software with all updates necessitated by laws changed by Congress in the prior year,
3.       And personal time as a volunteer to dedicate to preparation of both the federal and state returns carefully, make copies, take them to the post office to mail certified, address envelopes and mail K-1s to members.

In my case, Schwab is projecting that the club's 1099 will be available 19 Feb. I don't know when bivio will release the tax preparation program, but it has always left adequate time to meet the 15 March deadline. If you have more free time than your treasurer, perhaps you should volunteer to perform the duties next year.

Jack Ranby

From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Candy McKnight via bivio.com
Sent: Saturday, 6 February, 2021 08:38
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Tax forms

Why the March 1 date? Every year I'm ready to get my taxes done with the exception of K-1 from my investment club?
Sent from my iPhone
On Feb 6, 2021, at 9:52 AM, Dave Swierenga via bivio.com <user*18887000001@bivio.com> wrote:

Norman,

You need to educate the "natives" that club K-1s won't be available until March 1.   Then when you have them ready on Feb. 25 (or so) they will thank you for being early

Dave Swierenga
A club treasurer for many years and understand where you are coming from

On Saturday, February 6, 2021, 1:00:22 AM CST, Norman Gee via bivio.com <user*125100001@bivio.com> wrote:

The club natives are getting restless. Any word on when the tax forms will be ready?