FOLIOfn 1099 Reporting

Irina Clements on

Laurie, I found the following on the FOLIO website. I quote
its entirety.

"When congress enacted the legislation requiring brokers to
report cost basis, the consolidated 1099 due date was
changed to Feb. 15th. In an effort to provide you with the
most current data FOLIOfn, like many other firms, has
received a further 30-day extension of the deadline from the
IRS in order to limit the number of corrected 1099 forms it
must release based on issuer changes to issuer provided
information. Generally 1099 Forms are posted to your
Statements & Tax Records around the end of February."

How I read it, is that Clubs/Individuals may receive 1099s
up to 30 days behind the 15 February date (either March 17
or March 18 depending on Leap Year). Since partnership
returns are due 15 March I find that quite troubling and
will provide further information soonest. Irina

Linda Wiltse on

Just file for an extension like most partnerships do. It is not a big deal.
Linda
Pointe Players

-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Irina
Clements
Sent: Thursday, December 29, 2016 3:41 PM
To: club_cafe@bivio.com
Subject: [club_cafe] FOLIOfn 1099 Reporting

Laurie, I found the following on the FOLIO website. I quote its entirety.

"When congress enacted the legislation requiring brokers to report cost
basis, the consolidated 1099 due date was changed to Feb. 15th. In an effort
to provide you with the most current data FOLIOfn, like many other firms,
has received a further 30-day extension of the deadline from the IRS in
order to limit the number of corrected 1099 forms it must release based on
issuer changes to issuer provided information. Generally 1099 Forms are
posted to your Statements & Tax Records around the end of February."

How I read it, is that Clubs/Individuals may receive 1099s up to 30 days
behind the 15 February date (either March 17 or March 18 depending on Leap
Year). Since partnership returns are due 15 March I find that quite
troubling and will provide further information soonest. Irina

---
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EA Eller on

Does anyone know how to go about filing a partnership extension? I'd like to be prepared in case we either don't get a 1099 timely, or don't have enough time to reconcile. I want to avoid a last minute fire drill.

-Betsy Eller

On Fri, Dec 30, 2016 at 10:15 AM, Linda Wiltse <wiltse@optonline.net> wrote:

Just file for an extension like most partnerships do. It is not a big deal.
Linda
Pointe Players

-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Irina
Clements
Sent: Thursday, December 29, 2016 3:41 PM
To: club_cafe@bivio.com
Subject: [club_cafe] FOLIOfn 1099 Reporting

Laurie, I found the following on the FOLIO website. I quote its entirety.

"When congress enacted the legislation requiring brokers to report cost
basis, the consolidated 1099 due date was changed to Feb. 15th. In an effort
to provide you with the most current data FOLIOfn, like many other firms,
has received a further 30-day extension of the deadline from the IRS in
order to limit the number of corrected 1099 forms it must release based on
issuer changes to issuer provided information. Generally 1099 Forms are
posted to your Statements & Tax Records around the end of February."

How I read it, is that Clubs/Individuals may receive 1099s up to 30 days
behind the 15 February date (either March 17 or March 18 depending on Leap
Year). Since partnership returns are due 15 March I find that quite
troubling and will provide further information soonest. Irina

---
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https://www.avast.com/

ira smilovitz on

Form 7004. www.irs.gov/pub/irs-pdf/f7004.pdf. The form is pretty simple. Enter "09" in box 1a, and "0" in boxes 4-6.

Ira Smilovitz

On Fri, Dec 30, 2016 at 10:48 AM, EA Eller <eaeller@gmail.com> wrote:

Does anyone know how to go about filing a partnership extension? I'd like to be prepared in case we either don't get a 1099 timely, or don't have enough time to reconcile. I want to avoid a last minute fire drill.

-Betsy Eller

On Fri, Dec 30, 2016 at 10:15 AM, Linda Wiltse <wiltse@optonline.net> wrote:
Just file for an extension like most partnerships do. It is not a big deal.
Linda
Pointe Players

-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Irina
Clements
Sent: Thursday, December 29, 2016 3:41 PM
To: club_cafe@bivio.com
Subject: [club_cafe] FOLIOfn 1099 Reporting

Laurie, I found the following on the FOLIO website. I quote its entirety.

"When congress enacted the legislation requiring brokers to report cost
basis, the consolidated 1099 due date was changed to Feb. 15th. In an effort
to provide you with the most current data FOLIOfn, like many other firms,
has received a further 30-day extension of the deadline from the IRS in
order to limit the number of corrected 1099 forms it must release based on
issuer changes to issuer provided information. Generally 1099 Forms are
posted to your Statements & Tax Records around the end of February."

How I read it, is that Clubs/Individuals may receive 1099s up to 30 days
behind the 15 February date (either March 17 or March 18 depending on Leap
Year). Since partnership returns are due 15 March I find that quite
troubling and will provide further information soonest. Irina

---
This email has been checked for viruses by Avast antivirus software.
https://www.avast.com/antiviru

Laurie Frederiksen on

If you do the audit we recommend in January, checking against brokerage information that will already be available then, you should have minimal adjustments that would need to be made when you get your 1099 form.

For most clubs, the audit will make sure the bulk of your bivio information is correct and will agree with your 1099.

If so, it shouldn't take more than an hour once you get the 1099 to do any final checks against it and make any final small adjustments that might be needed.

Any major work we get questions on from 1099's that takes time to fix would have been picked up if a club had done an audit in January.

Here is how to do an audit so you can be comfortable of this:

How to Do An Audit

We'll be doing a webinar on this also in January. You can sign up for it here:

Don't forget that if you file for an extension and you don't get your K-1's to your members in time for them to file personal taxes on April 15, they will also need to file for personal tax extensions.

Laurie Frederiksen
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