Federal & State Tax Reporting Requirements for Disbanding Clubs
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Federal & State Tax Reporting Requirements for Disbanding Clubs Our club has come to it's logical conclusion. I've read several of the articles, messages and self help notes about the disbanding process. I believe I understand the Federal requirements to file a partial return and that can be done on the Bivio site. However, I'm still unclear about State tax reporting requirements when a club is being disbanded. Our club is registered in Maryland. Can someone explain Maryland requirements for any partial returns or is that handled as a "normal" tax year reporting requirement (ie NLT 4/15/2020)? Also, do I need to do anything regarding our Club's Federal Tax ID? Thanks in advance for you help. Jack: I'm going through the same disbanding process with our IC out here in CA. Before you do anything, I'd suggest you check with the Maryland State agency that handles your taxes, as I just found out our Franchise Tax Board handles things differently than the Feds; while the Feds require a partial year tax return, our state does not, so I'll be filing our State return by next March 15th as I have since I became Treasurer. ON your federal return for the partial year 2019, you'll check the box 'final' for type of return. That will terminate your federal tax ID # for your club. I noticed you referenced the filing deadline of April 15th. That date was changed two years ago to March 15th for partnership tax returns. Mike LeAna, Treasurer Bulls&Bears Investment Club of Sun City Roseville, CA
On August 17, 2019 at 12:44 PM "Jack Dunham via bivio.com" <user*34260000001@bivio.com> wrote: Mike, Thanks for the helpful hints. You're right about the date also. Old habits. Thanks again.
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