If you have any trusts as members of your club, you will have a little extra work when you take the partnership tax interview this year.
You will be asked to supply the name and tax ID number of the "Beneficial Owner" of the trust. That is the name and Tax ID number of the person who is in your club who has titled their club ownership in the trusts name.
The IRS wants both the persons name and the trust name and tax ID's on the K-1 forms now.
It is not the "Beneficiary" of the trust.
Also new for this year. If your club treasurer holds their interest in a trust, they will be able to be chosen as the Partnership representative. They'll just need to enter their actual name and address (not the trust name) when asked during the tax interview.
Laurie Frederiksen Invest with your friends! www.bivio.com
Everybody is awaiting the release of the tax forms.....
Thanks for all you do....
On Thursday, February 18, 2021, 04:59:46 PM CST, Laurie Frederiksen <laurie@bivio.biz> wrote:
Hi All,
If you have any trusts as members of your club, you will have a little extra work when you take the partnership tax interview this year.
You will be asked to supply the name and tax ID number of the "Beneficial Owner" of the trust. That is the name and Tax ID number of the person who is in your club who has titled their club ownership in the trusts name.
The IRS wants both the persons name and the trust name and tax ID's on the K-1 forms now.
It is not the "Beneficiary" of the trust.
Also new for this year. If your club treasurer holds their interest in a trust, they will be able to be chosen as the Partnership representative. They'll just need to enter their actual name and address (not the trust name) when asked during the tax interview.
Laurie Frederiksen Invest with your friends! www.bivio.com
Everybody is awaiting the release of the tax forms.....
Thanks for all you do....
On Thursday, February 18, 2021, 04:59:46 PM CST, Laurie Frederiksen <laurie@bivio.biz> wrote:
Hi All,
If you have any trusts as members of your club, you will have a little extra work when you take the partnership tax interview this year.
You will be asked to supply the name and tax ID number of the "Beneficial Owner" of the trust. That is the name and Tax ID number of the person who is in your club who has titled their club ownership in the trusts name.
The IRS wants both the persons name and the trust name and tax ID's on the K-1 forms now.
It is not the "Beneficiary" of the trust.
Also new for this year. If your club treasurer holds their interest in a trust, they will be able to be chosen as the Partnership representative. They'll just need to enter their actual name and address (not the trust name) when asked during the tax interview.
Laurie Frederiksen Invest with your friends! www.bivio.com
If you or any other members of your club do not have your investment club ownership titled in the name of a trust, you do not have to address trust issues on your club tax forms.
Laurie Frederiksen Invest with your friends! www.bivio.com
Everybody is awaiting the release of the tax forms.....
Thanks for all you do....
On Thursday, February 18, 2021, 04:59:46 PM CST, Laurie Frederiksen <laurie@bivio.biz> wrote:
Hi All,
If you have any trusts as members of your club, you will have a little extra work when you take the partnership tax interview this year.
You will be asked to supply the name and tax ID number of the "Beneficial Owner" of the trust. That is the name and Tax ID number of the person who is in your club who has titled their club ownership in the trusts name.
The IRS wants both the persons name and the trust name and tax ID's on the K-1 forms now.
It is not the "Beneficiary" of the trust.
Also new for this year. If your club treasurer holds their interest in a trust, they will be able to be chosen as the Partnership representative. They'll just need to enter their actual name and address (not the trust name) when asked during the tax interview.
Laurie Frederiksen Invest with your friends! www.bivio.com
Another way to think about the beneficial owner - it is the name of the person who will actually be reporting the income on a tax return.
Ira Smilovitz, EA
On Thu, Feb 18, 2021 at 5:59 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
Hi All,
If you have any trusts as members of your club, you will have a little extra work when you take the partnership tax interview this year.
You will be asked to supply the name and tax ID number of the "Beneficial Owner" of the trust. That is the name and Tax ID number of the person who is in your club who has titled their club ownership in the trusts name.
The IRS wants both the persons name and the trust name and tax ID's on the K-1 forms now.
It is not the "Beneficiary" of the trust.
Also new for this year. If your club treasurer holds their interest in a trust, they will be able to be chosen as the Partnership representative. They'll just need to enter their actual name and address (not the trust name) when asked during the tax interview.
Laurie Frederiksen Invest with your friends! www.bivio.com