New IRS Form of investing partnerships

Clarence Joseph Farrell on

I remember reading an article about changes in the tax code
that could potentially effect clubs in the future.
Something about if the IRS finds problems in an audit,
whoever happen to be the current partners may be liable for
taxes and penalties even if they were not a partner in the
time period of the problem and those that had withdrawn
would be off the hook.

There was a new form to be filed by each club to inform the
IRS who to talk with about such issues. I do not remember
the form number and cannot find the article.

At your convenience, could you help me with that info
please.

Joe Farrell
Everyday Investment Club

ira smilovitz on

Joe,

All of the changes will be effective with the 2018 tax returns filed in early 2019. As you can well imagine, there is no definitive guidance from the IRS yet.

Ira Smilovitz

On Fri, Feb 16, 2018 at 3:22 PM, Clarence Joseph Farrell via bivio.com <user*14102900001@bivio.com> wrote:

I remember reading an article about changes in the tax code
that could potentially effect clubs in the future.
Something about if the IRS finds problems in an audit,
whoever happen to be the current partners may be liable for
taxes and penalties even if they were not a partner in the
time period of the problem and those that had withdrawn
would be off the hook.

There was a new form to be filed by each club to inform the
IRS who to talk with about such issues. I do not remember
the form number and cannot find the article.

At your convenience, could you help me with that info
please.

Joe Farrell
Everyday Investment Club

Peter Dunkelberger on

Hi Joe,

I would suspect that is always true unless there is an individual partner who was at risk for some reason. It is the organization that gets audited not the partners. So if there's a problem with the organization whoever the partners are at the time of the audit time are the ones responsible for the debt.

Regards,

Peter Dunkelberger

On Fri, Feb 16, 2018 at 3:23 PM Clarence Joseph Farrell via bivio.com <user*14102900001@bivio.com> wrote:

I remember reading an article about changes in the tax code
that could potentially effect clubs in the future.
Something about if the IRS finds problems in an audit,
whoever happen to be the current partners may be liable for
taxes and penalties even if they were not a partner in the
time period of the problem and those that had withdrawn
would be off the hook.

There was a new form to be filed by each club to inform the
IRS who to talk with about such issues. I do not remember
the form number and cannot find the article.

At your convenience, could you help me with that info
please.

Joe Farrell
Everyday Investment Club

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