2 Tax Questions
1. What happens after filing Mar 15th if we received a corrected broker statement?
2. Can we file electronically? If so, How?
Thank your, Gayle Freeman
2. Can we file electronically? If so, How?
Thank your, Gayle Freeman
If you receive a corrected broker statement, you file an amended 1065 (Form 1065X).
While it is possible to file a partnership return electronically, bivio is not an authorized electronic return originator (ERO), developer, or transmitter. The rules for participation in IRS MeF (Modernized e-File) are very different from those to generate substitute paper forms.
Ira Smilovitz, EA
On Thu, Jan 26, 2017 at 9:03 AM, Gayle Freeman via bivio.com <user*30100001@bivio.com> wrote:
1. What happens after filing Mar 15th if we received a corrected broker statement?
2. Can we file electronically? If so, How?
Thank your, Gayle Freeman
We have a large club. I do not feel comfortable mailing out the tax return which is a lot of paper. Some states do not even allow filing on paper. I spent over 40 hours entering all Bivio's information into my tax program at work. A smaller club would not take that long. The tax program is not capable of allocating information to the partners because everyone puts in different amounts at different times, so I need to enter the tax info, and then manually enter the info from all the K-1's. I can never get it to match exactly due to rounding issues, but a dollar or two here or there is not a big issue. I file the return electronically, but I put us on extension because I cannot get it all done during tax season.
If you go to a tax preparer to E-file, they are going to charge a lot, depending on the size of the club, because it is a lot of work.
I am sure it would cost Bivio a lot to become a participant in E-file because of the extra programming it would entail. The problem is, the IRS and states do not want paper returns anymore and can decide to penalize people who don't e-file.
Linda Wiltse
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of ira smilovitz
Sent: Thursday, January 26, 2017 9:38 AM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] 2 Tax Questions
If you receive a corrected broker statement, you file an amended 1065 (Form 1065X).
While it is possible to file a partnership return electronically, bivio is not an authorized electronic return originator (ERO), developer, or transmitter. The rules for participation in IRS MeF (Modernized e-File) are very different from those to generate substitute paper forms.
Ira Smilovitz, EA
On Thu, Jan 26, 2017 at 9:03 AM, Gayle Freeman via bivio.com <user*30100001@bivio.com> wrote:
1. What happens after filing Mar 15th if we received a corrected broker statement?
2. Can we file electronically? If so, How?
Thank your, Gayle Freeman
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As a follow-up to my earlier response, the IRS has recently issued guidance that you don't have to file an amended partnership return if you receive a corrected 1099 and the difference is less than $100.
You should never ignore a corrected 1099. Regardless of whether a club is required to file an amended return for a specific correction it should make any adjustments reported in the corrected 1099 to its bivio records.
If your club receives a corrected 1099 and are unsure of what to do with it, you can send it to support@bivio.com and we'll help you determine its effect on your tax filings and bivio records.
Ira Smilovitz, EA
On Thu, Jan 26, 2017 at 9:38 AM, ira smilovitz <ira.smilovitz@gmail.com> wrote:
If you receive a corrected broker statement, you file an amended 1065 (Form 1065X).While it is possible to file a partnership return electronically, bivio is not an authorized electronic return originator (ERO), developer, or transmitter. The rules for participation in IRS MeF (Modernized e-File) are very different from those to generate substitute paper forms.Ira Smilovitz, EAOn Thu, Jan 26, 2017 at 9:03 AM, Gayle Freeman via bivio.com <user*30100001@bivio.com> wrote:1. What happens after filing Mar 15th if we received a corrected broker statement?
2. Can we file electronically? If so, How?
Thank your, Gayle Freeman