Does anyone know if there are special reporting requirements (other than issuing K-1s to the members) when:
--the investment club is in a state other than Arkansas; and
--two members are Arkansas residents?
I've searched the Arkansas Dept. of Finance & Admin. website and didn't find any indication of special reporting requirements. However, since this is the first year our club will have this situation, I want to be prepared well before the federal and state deadlines (which for the federal return, at least, will be a month earlier in 2017).
Thanks for any info you'd like to provide
ira smilovitz on
You can find information about state filing requirements here: https://www.bivio.com/site-help/bp/State_Tax_Requirements_Help. To answer your specific question, investment clubs are required to file Arkansas Form AR1050 only if the club itself is located within Arkansas. There is no filing requirement based on the residency of the partners.
Does anyone know if there are special reporting requirements (other than issuing K-1s to the members) when:
--the investment club is in a state other than Arkansas; and
--two members are Arkansas residents?
I've searched the Arkansas Dept. of Finance & Admin. website and didn't find any indication of special reporting requirements. However, since this is the first year our club will have this situation, I want to be prepared well before the federal and state deadlines (which for the federal return, at least, will be a month earlier in 2017).
Thanks for any info you'd like to provide
ira smilovitz on
I should add to my previous response that you should check again in early 2017 as occasionally states will change their filing requirements from year to year.
You can find information about state filing requirements here: https://www.bivio.com/site-help/bp/State_Tax_Requirements_Help. To answer your specific question, investment clubs are required to file Arkansas Form AR1050 only if the club itself is located within Arkansas. There is no filing requirement based on the residency of the partners.
Does anyone know if there are special reporting requirements (other than issuing K-1s to the members) when:
--the investment club is in a state other than Arkansas; and
--two members are Arkansas residents?
I've searched the Arkansas Dept. of Finance & Admin. website and didn't find any indication of special reporting requirements. However, since this is the first year our club will have this situation, I want to be prepared well before the federal and state deadlines (which for the federal return, at least, will be a month earlier in 2017).
Thanks for any info you'd like to provide
A Hinds on
Many thanks, Ira, for the helpful info. Years ago we had a member in a state that required both extensive reporting and payment, by the club, of any tax due on the member's realized income! Apparently, AR doesn't appear to be that type of state, but I'll be sure to follow your advice and check again in early 2017.
From: ira smilovitz <ira.smilovitz@gmail.com> To: "club_cafe@bivio.com" <club_cafe@bivio.com> Sent: Wednesday, May 11, 2016 7:44 AM Subject: Re: [club_cafe] Arkansas reporting
I should add to my previous response that you should check again in early 2017 as occasionally states will change their filing requirements from year to year.
You can find information about state filing requirements here: https://www.bivio.com/site-help/bp/State_Tax_Requirements_Help. To answer your specific question, investment clubs are required to file Arkansas Form AR1050 only if the club itself is located within Arkansas. There is no filing requirement based on the residency of the partners.
Does anyone know if there are special reporting requirements (other than issuing K-1s to the members) when:
--the investment club is in a state other than Arkansas; and
--two members are Arkansas residents?
I've searched the Arkansas Dept. of Finance & Admin. website and didn't find any indication of special reporting requirements. However, since this is the first year our club will have this situation, I want to be prepared well before the federal and state deadlines (which for the federal return, at least, will be a month earlier in 2017).