Is there a special tax form when disbanding a club?

Phil Mayes on

We're disbanding after 17 years. No sympathies needed, we're
all good with it.

Your excellent advice says "The ability to prepare partial
year returns is made available sometime in May" but I don't
see any special procedure to follow. Do I just use the
regular process?

If so, should I NOT generate state taxes, because you say
"We cannot generate partial year returns for the state tax
forms."

Let me take this opportunity to say how awesome Bivio has
been. It has made my life SO much easier. The NAIC software
was a trainwreck. (I speak as a software developer.)

Thanks, Phil Mayes, WINPIC treasurer.

Laurie Frederiksen on

Dear Phil,

Thank you for your kind thoughts. We have appreciated having your club use our services.

Here are the instructions to follow if your club is disbanding:

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

You should make sure to check your income and your capital gains and losses against your brokers realized gain/loss report prior to preparing your taxes. Otherwise, you will prepare them in the same way that you prepared your regular year returns. Just make sure to select 2014 from the drop down menu on the Accounting>Taxes page.

Your final tax returns need to be filed by the 15th day of the fourth month following termination.

You do need to file a final partial year state return also. Unfortunately, the ability to do that is not available in bivio.

You'd have several options. You can do them manually, or find a local tax accountant to help you out. You might also contact Ira Smilovitz. He offers a very cost effective option for preparing club taxes for states not included in bivio. You can find more about that here:

https://www.bivio.com/hn/State_Tax_Returns.html

We wish you all the best in the future!

Laurie Frederiksen
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