I just found an error in 2013 that has of course carried
into 2014. It had to do with a member who withdrew from the
club and took his payout in transferred stock. We are doing
an audit this year. Obviously we didn't do that last year.
The brokerage statement says 60 shares were transferred the
bivio statement says 59 were transferred. How can I repair
the damage? Thanks...
Laurie Frederiksen on
Hi Susan,
You are finding out the hard way why we recommend doing an audit before you file taxes.
If you change a withdrawal for a past year, it will impact both your tax
filings and the members taxes related to the withdrawal.
You will need to make the corrections and then file an amended corrected 2013 tax return. You'll also need to distribute amended 2013 K-1's and withdrawal reports to your members so they can determine whether the change was significant enough that they'll need to file amended personal taxes.
Please do not try to have the member "pay back" extra shares of stock you gave her in 2013 with cash this year (2015). That will create numerous complicated issues that are not something you'll be able to address in your accounting.
Laurie Frederiksen Invest with your friends! www.bivio.com
On Sat, Feb 7, 2015 at 2:45 PM, Susan J Mueller <suemue@comcast.net> wrote:
I just found an error in 2013 that has of course carried
into 2014. It had to do with a member who withdrew from the
club and took his payout in transferred stock. We are doing
an audit this year. Obviously we didn't do that last year.
The brokerage statement says 60 shares were transferred the
bivio statement says 59 were transferred. How can I repair
the damage? Thanks...
Laurie Frederiksen on
You will need to delete the original withdrawal entry and re-enter it correctly.
Laurie Frederiksen Invest with your friends! www.bivio.com
On Sat, Feb 7, 2015 at 3:19 PM, Susan J Mueller <suemue@comcast.net> wrote:
Thanks Laurie, I'm aware of the IRS consequences. I will
have help with that. How do I make the correction in bivio?
The Account transaction feature does not allow an edit to
the transfer...
suemue on
I deleted the original transaction. When I re-entered using the same valuation date for that member's withdrawl - there was a .97 difference in the amount and the program said the selected value exceeds the withdrawal value. I don't know why the valuations are different. Thanks for your help.
From: "Laurie Frederiksen" <laurie@bivio.biz> To: "The Club Cafe" <club_cafe@bivio.com> Sent: Saturday, February 7, 2015 3:21:06 PM Subject: [club_cafe] Re: Error in 2013
You will need to delete the original withdrawal entry and re-enter it correctly.
Laurie Frederiksen Invest with your friends! www.bivio.com
On Sat, Feb 7, 2015 at 3:19 PM, Susan J Mueller <suemue@comcast.net> wrote:
Thanks Laurie, I'm aware of the IRS consequences. I will have help with that. How do I make the correction in bivio? The Account transaction feature does not allow an edit to the transfer...
Laurie Frederiksen on
Dear Sue,
If you have changed historical entries and are entering the withdrawal differently than you did in the past, there could be a variety of reasons why you are seeing this difference.
This is the type of question you need to email to support@bivio.com. We can look at your club records there and try and help you further.
In order to help, we'll need to have you tell us the details of what you are trying to enter and what you are expecting to see and why.
Laurie Frederiksen Invest with your friends! www.bivio.com
I deleted the original transaction. When I re-entered using the same valuation date for that member's withdrawl - there was a .97 difference in the amount and the program said the selected value exceeds the withdrawal value. I don't know why the valuations are different. Thanks for your help.
From: "Laurie Frederiksen" <laurie@bivio.biz> To: "The Club Cafe" <club_cafe@bivio.com> Sent: Saturday, February 7, 2015 3:21:06 PM Subject: [club_cafe] Re: Error in 2013
You will need to delete the original withdrawal entry and re-enter it correctly.
Laurie Frederiksen Invest with your friends! www.bivio.com
On Sat, Feb 7, 2015 at 3:19 PM, Susan J Mueller <suemue@comcast.net> wrote:
Thanks Laurie, I'm aware of the IRS consequences. I will have help with that. How do I make the correction in bivio? The Account transaction feature does not allow an edit to the transfer...