Just a heads up that there have been late reclassifications to their dividends. Many clubs are now receiving revised 1099's to show that.
You'll need to make these reclassifications to properly report your taxes and adjust the cost basis of your shares.
If you did not sell any shares in 2021, and you have already filed your club taxes, you'll need to make the corrections. However, you can decide whether or not to file an amended return. You will have over-reported your taxes, so the IRS would probably not complain if you don't.
On the other hand, if you did sell shares in 2021, and you have already filed, you do need to update and file an amended return. You will have underreported your capital gains on your sales. Something the IRS probably won't like.
Laurie Frederiksen Invest with your friends! www.bivio.com
Our clubs brokerage is TDA and we own American Leasing. I filed with the IRS Friday and released the K1 to members. So, I am not sure I can reconcile the differences before March 15. Can I file for an extension still which seems ludicrous or how do I file an amendment return and what exactly has to be included with it. I am relatively new to all this so advice would be greatly appreciated.
I will never take a vacation again this time of the year.
Sent from my iPhone
On Mar 8, 2022, at 9:00 PM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Many of your clubs own AL and/or BGS.
Just a heads up that there have been late reclassifications to their dividends. Many clubs are now receiving revised 1099's to show that.
You'll need to make these reclassifications to properly report your taxes and adjust the cost basis of your shares.
If you did not sell any shares in 2021, and you have already filed your club taxes, you'll need to make the corrections. However, you can decide whether or not to file an amended return. You will have over-reported your taxes, so the IRS would probably not complain if you don't.
On the other hand, if you did sell shares in 2021, and you have already filed, you do need to update and file an amended return. You will have underreported your capital gains on your sales. Something the IRS probably won't like.
Laurie Frederiksen Invest with your friends! www.bivio.com
Our clubs brokerage is TDA and we own American Leasing. I filed with the IRS Friday and released the K1 to members. So, I am not sure I can reconcile the differences before March 15. Can I file for an extension still which seems ludicrous or how do I file an amendment return and what exactly has to be included with it. I am relatively new to all this so advice would be greatly appreciated.
I will never take a vacation again this time of the year.
Sent from my iPhone
On Mar 8, 2022, at 9:00 PM, Laurie Frederiksen <laurie@bivio.biz> wrote:

Many of your clubs own AL and/or BGS.
Just a heads up that there have been late reclassifications to their dividends. Many clubs are now receiving revised 1099's to show that.
You'll need to make these reclassifications to properly report your taxes and adjust the cost basis of your shares.
If you did not sell any shares in 2021, and you have already filed your club taxes, you'll need to make the corrections. However, you can decide whether or not to file an amended return. You will have over-reported your taxes, so the IRS would probably not complain if you don't.
On the other hand, if you did sell shares in 2021, and you have already filed, you do need to update and file an amended return. You will have underreported your capital gains on your sales. Something the IRS probably won't like.
Laurie Frederiksen Invest with your friends! www.bivio.com
My club owns Air Lease. We did not sell any shares. I have not received my amended 1099 yet. Can my members file their taxes w/the original 1099 info, as long as I wait to file the corrected 1065 for the club?
On Mar 9, 2022, at 8:18 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Did you sell any AL shares in 2021?
Laurie Frederiksen Invest with your friends! www.bivio.com
Our clubs brokerage is TDA and we own American Leasing. I filed with the IRS Friday and released the K1 to members. So, I am not sure I can reconcile the differences before March 15. Can I file for an extension still which seems ludicrous or how do I file an amendment return and what exactly has to be included with it. I am relatively new to all this so advice would be greatly appreciated.
I will never take a vacation again this time of the year.
Sent from my iPhone
On Mar 8, 2022, at 9:00 PM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Many of your clubs own AL and/or BGS.
Just a heads up that there have been late reclassifications to their dividends. Many clubs are now receiving revised 1099's to show that.
You'll need to make these reclassifications to properly report your taxes and adjust the cost basis of your shares.
If you did not sell any shares in 2021, and you have already filed your club taxes, you'll need to make the corrections. However, you can decide whether or not to file an amended return. You will have over-reported your taxes, so the IRS would probably not complain if you don't.
On the other hand, if you did sell shares in 2021, and you have already filed, you do need to update and file an amended return. You will have underreported your capital gains on your sales. Something the IRS probably won't like.
Laurie Frederiksen Invest with your friends! www.bivio.com
My club owns Air Lease. We did not sell any shares. I have not received my amended 1099 yet. Can my members file their taxes w/the original 1099 info, as long as I wait to file the corrected 1065 for the club?
On Mar 9, 2022, at 8:18 AM, Laurie Frederiksen <laurie@bivio.biz> wrote:
Did you sell any AL shares in 2021?
Laurie Frederiksen Invest with your friends! www.bivio.com
Our clubs brokerage is TDA and we own American Leasing. I filed with the IRS Friday and released the K1 to members. So, I am not sure I can reconcile the differences before March 15. Can I file for an extension still which seems ludicrous or how do I file an amendment return and what exactly has to be included with it. I am relatively new to all this so advice would be greatly appreciated.
I will never take a vacation again this time of the year.
Sent from my iPhone
On Mar 8, 2022, at 9:00 PM, Laurie Frederiksen <laurie@bivio.biz> wrote:

Many of your clubs own AL and/or BGS.
Just a heads up that there have been late reclassifications to their dividends. Many clubs are now receiving revised 1099's to show that.
You'll need to make these reclassifications to properly report your taxes and adjust the cost basis of your shares.
If you did not sell any shares in 2021, and you have already filed your club taxes, you'll need to make the corrections. However, you can decide whether or not to file an amended return. You will have over-reported your taxes, so the IRS would probably not complain if you don't.
On the other hand, if you did sell shares in 2021, and you have already filed, you do need to update and file an amended return. You will have underreported your capital gains on your sales. Something the IRS probably won't like.
Laurie Frederiksen Invest with your friends! www.bivio.com
I don't see a revised 1099 on our Broker's online website.
I don't see any relevant Press releases on AL's website. (But I might not know what to look for.)
This is insane. How can they make these kinds of mistakes this late and how can the IRS expect ordinary people to track all of it?
For my club the consequences are minimal, but for my personal taxes it could be more significant.
Linda
On Tue, Mar 8, 2022 at 6:00 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
Many of your clubs own AL and/or BGS.
Just a heads up that there have been late reclassifications to their dividends. Many clubs are now receiving revised 1099's to show that.
You'll need to make these reclassifications to properly report your taxes and adjust the cost basis of your shares.
If you did not sell any shares in 2021, and you have already filed your club taxes, you'll need to make the corrections. However, you can decide whether or not to file an amended return. You will have over-reported your taxes, so the IRS would probably not complain if you don't.
On the other hand, if you did sell shares in 2021, and you have already filed, you do need to update and file an amended return. You will have underreported your capital gains on your sales. Something the IRS probably won't like.
Laurie Frederiksen Invest with your friends! www.bivio.com
I couldn't find anything on the AL website either which is odd. However they have I can, however verify that we've seen a number of revised 1099's coming through to support.
I just sent a note to their Investor relations department to see if they can provide any further information.
This is not a mistake on their part. A company can only report distributions as dividends if they have a certain level of tax "earnings and profits". This is defined differently than GAAP earnings. The company doesn't know whether they have met the level until they close their tax books for the year. If they use a regular calendar year for their fiscal year, that can take a while. That is why the changes come out so late.
Laurie Frederiksen Invest with your friends! www.bivio.com
I don't see a revised 1099 on our Broker's online website.
I don't see any relevant Press releases on AL's website. (But I might not know what to look for.)
This is insane. How can they make these kinds of mistakes this late and how can the IRS expect ordinary people to track all of it?
For my club the consequences are minimal, but for my personal taxes it could be more significant.
Linda
On Tue, Mar 8, 2022 at 6:00 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
Many of your clubs own AL and/or BGS.
Just a heads up that there have been late reclassifications to their dividends. Many clubs are now receiving revised 1099's to show that.
You'll need to make these reclassifications to properly report your taxes and adjust the cost basis of your shares.
If you did not sell any shares in 2021, and you have already filed your club taxes, you'll need to make the corrections. However, you can decide whether or not to file an amended return. You will have over-reported your taxes, so the IRS would probably not complain if you don't.
On the other hand, if you did sell shares in 2021, and you have already filed, you do need to update and file an amended return. You will have underreported your capital gains on your sales. Something the IRS probably won't like.
Laurie Frederiksen Invest with your friends! www.bivio.com
We still own Air Lease. We only received $64 of dividends from them last year and we paid more than that to print and mail our returns. What is the consequences of doing nothing.
On Wed, Mar 9, 2022 at 09:26 Laurie Frederiksen <laurie@bivio.biz> wrote:
I couldn't find anything on the AL website either which is odd. However they have I can, however verify that we've seen a number of revised 1099's coming through to support.
I just sent a note to their Investor relations department to see if they can provide any further information.
This is not a mistake on their part. A company can only report distributions as dividends if they have a certain level of tax "earnings and profits". This is defined differently than GAAP earnings. The company doesn't know whether they have met the level until they close their tax books for the year. If they use a regular calendar year for their fiscal year, that can take a while. That is why the changes come out so late.
Laurie Frederiksen Invest with your friends! www.bivio.com
I don't see a revised 1099 on our Broker's online website.
I don't see any relevant Press releases on AL's website. (But I might not know what to look for.)
This is insane. How can they make these kinds of mistakes this late and how can the IRS expect ordinary people to track all of it?
For my club the consequences are minimal, but for my personal taxes it could be more significant.
Linda
On Tue, Mar 8, 2022 at 6:00 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
Many of your clubs own AL and/or BGS.
Just a heads up that there have been late reclassifications to their dividends. Many clubs are now receiving revised 1099's to show that.
You'll need to make these reclassifications to properly report your taxes and adjust the cost basis of your shares.
If you did not sell any shares in 2021, and you have already filed your club taxes, you'll need to make the corrections. However, you can decide whether or not to file an amended return. You will have over-reported your taxes, so the IRS would probably not complain if you don't.
On the other hand, if you did sell shares in 2021, and you have already filed, you do need to update and file an amended return. You will have underreported your capital gains on your sales. Something the IRS probably won't like.
Laurie Frederiksen Invest with your friends! www.bivio.com
I'm also tempted to mail them a USB drive with the PDF of the 1065 with a nicely worded message that I am saving them the trouble of having to scan the copies I paid to have printed. What do you suppose would happen?
We still own Air Lease. We only received $64 of dividends from them last year and we paid more than that to print and mail our returns. What is the consequences of doing nothing.
On Wed, Mar 9, 2022 at 09:26 Laurie Frederiksen <laurie@bivio.biz> wrote:
I couldn't find anything on the AL website either which is odd. However they have I can, however verify that we've seen a number of revised 1099's coming through to support.
I just sent a note to their Investor relations department to see if they can provide any further information.
This is not a mistake on their part. A company can only report distributions as dividends if they have a certain level of tax "earnings and profits". This is defined differently than GAAP earnings. The company doesn't know whether they have met the level until they close their tax books for the year. If they use a regular calendar year for their fiscal year, that can take a while. That is why the changes come out so late.
Laurie Frederiksen Invest with your friends! www.bivio.com
I don't see a revised 1099 on our Broker's online website.
I don't see any relevant Press releases on AL's website. (But I might not know what to look for.)
This is insane. How can they make these kinds of mistakes this late and how can the IRS expect ordinary people to track all of it?
For my club the consequences are minimal, but for my personal taxes it could be more significant.
Linda
On Tue, Mar 8, 2022 at 6:00 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
Many of your clubs own AL and/or BGS.
Just a heads up that there have been late reclassifications to their dividends. Many clubs are now receiving revised 1099's to show that.
You'll need to make these reclassifications to properly report your taxes and adjust the cost basis of your shares.
If you did not sell any shares in 2021, and you have already filed your club taxes, you'll need to make the corrections. However, you can decide whether or not to file an amended return. You will have over-reported your taxes, so the IRS would probably not complain if you don't.
On the other hand, if you did sell shares in 2021, and you have already filed, you do need to update and file an amended return. You will have underreported your capital gains on your sales. Something the IRS probably won't like.
Laurie Frederiksen Invest with your friends! www.bivio.com
I wish it would/could work, but the WSJ had a very revealing article about a week ago which highlighted the issues the IRS is facing, and while I don't recall all of them, I do recall that some 40% of their printers are broken, and they don't have the capacity for scanning as the equipment they and software they have is old, and outdated, etc., so highly unlikely they have the capacity to use a USB drive. They've been allowed to hire staff, and recently advertised some 5,000 jobs around the country, but that only netted ~120 new employees. Painful all-around.
Lynda Feit
From: <club_cafe@bivio.com> on behalf of "Linda Glein via bivio.com" <user*21345500001@bivio.com> Reply-To: <club_cafe@bivio.com> Date: Wednesday, March 9, 2022 at 10:45 AM To: <club_cafe@bivio.com> Subject: Re: [club_cafe] Heads Up If You Own AL or BGS
I'm definitely considering that option.
I'm also tempted to mail them a USB drive with the PDF of the 1065 with a nicely worded message that I am saving them the trouble of having to scan the copies I paid to have printed. What do you suppose would happen?
We still own Air Lease. We only received $64 of dividends from them last year and we paid more than that to print and mail our returns. What is the consequences of doing nothing.
On Wed, Mar 9, 2022 at 09:26 Laurie Frederiksen <laurie@bivio.biz> wrote:
I couldn't find anything on the AL website either which is odd. However they have I can, however verify that we've seen a number of revised 1099's coming through to support.
I just sent a note to their Investor relations department to see if they can provide any further information.
This is not a mistake on their part. A company can only report distributions as dividends if they have a certain level of tax "earnings and profits". This is defined differently than GAAP earnings. The company doesn't know whether they have met the level until they close their tax books for the year. If they use a regular calendar year for their fiscal year, that can take a while. That is why the changes come out so late.
Laurie Frederiksen Invest with your friends! www.bivio.com
I don't see a revised 1099 on our Broker's online website.
I don't see any relevant Press releases on AL's website. (But I might not know what to look for.)
This is insane. How can they make these kinds of mistakes this late and how can the IRS expect ordinary people to track all of it?
For my club the consequences are minimal, but for my personal taxes it could be more significant.
Linda
On Tue, Mar 8, 2022 at 6:00 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
Many of your clubs own AL and/or BGS.
Just a heads up that there have been late reclassifications to their dividends. Many clubs are now receiving revised 1099's to show that.
You'll need to make these reclassifications to properly report your taxes and adjust the cost basis of your shares.
If you did not sell any shares in 2021, and you have already filed your club taxes, you'll need to make the corrections. However, you can decide whether or not to file an amended return. You will have over-reported your taxes, so the IRS would probably not complain if you don't.
On the other hand, if you did sell shares in 2021, and you have already filed, you do need to update and file an amended return. You will have underreported your capital gains on your sales. Something the IRS probably won't like.
Laurie Frederiksen Invest with your friends! www.bivio.com
Should an AL Qualified Dividend paid on 1/5/2022 had the date changed to 12/31/2022? And a same for MBIN paid on 1/3/22?
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Laurie Frederiksen Sent: Tuesday, March 8, 2022 8:59 PM To: The Club Cafe <club_cafe@bivio.com> Subject: [club_cafe] Heads Up If You Own AL or BGS
Many of your clubs own AL and/or BGS.
Just a heads up that there have been late reclassifications to their dividends. Many clubs are now receiving revised 1099's to show that.
You'll need to make these reclassifications to properly report your taxes and adjust the cost basis of your shares.
If you did not sell any shares in 2021, and you have already filed your club taxes, you'll need to make the corrections. However, you can decide whether or not to file an amended return. You will have over-reported your taxes, so the IRS would probably not complain if you don't.
On the other hand, if you did sell shares in 2021, and you have already filed, you do need to update and file an amended return. You will have underreported your capital gains on your sales. Something the IRS probably won't like.
Laurie Frederiksen Invest with your friends! www.bivio.com
Just a heads up that there have been late reclassifications to their dividends. Many clubs are now receiving revised 1099's to show that.
You'll need to make these reclassifications to properly report your taxes and adjust the cost basis of your shares.
If you did not sell any shares in 2021, and you have already filed your club taxes, you'll need to make the corrections. However, you can decide whether or not to file an amended return. You will have over-reported your taxes, so the IRS would probably not complain if you don't.
On the other hand, if you did sell shares in 2021, and you have already filed, you do need to update and file an amended return. You will have underreported your capital gains on your sales. Something the IRS probably won't like.
Laurie Frederiksen Invest with your friends! www.bivio.com
Our club owns AL. TDA has not updated our 1099. Has other TDA clubs received updated 1099's from them?
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Laurie Frederiksen Sent: Tuesday, March 8, 2022 8:59 PM To: The Club Cafe <club_cafe@bivio.com> Subject: [club_cafe] Heads Up If You Own AL or BGS
Many of your clubs own AL and/or BGS.
Just a heads up that there have been late reclassifications to their dividends. Many clubs are now receiving revised 1099's to show that.
You'll need to make these reclassifications to properly report your taxes and adjust the cost basis of your shares.
If you did not sell any shares in 2021, and you have already filed your club taxes, you'll need to make the corrections. However, you can decide whether or not to file an amended return. You will have over-reported your taxes, so the IRS would probably not complain if you don't.
On the other hand, if you did sell shares in 2021, and you have already filed, you do need to update and file an amended return. You will have underreported your capital gains on your sales. Something the IRS probably won't like.
Laurie Frederiksen Invest with your friends! www.bivio.com
Yes, our club received a corrected 1099 from TDA on March 3rd, just hours after I had mailed our 1065 to the IRS. With Laurie's help I was able to run the tax program again (after making the corrections) and mail a Superseding return March 10.
Sent via the Samsung Galaxy S10e, an AT&T 5G Evolution capable smartphone
-------- Original message --------
From: "Martin J Eckerle via bivio.com" <user*12801300001@bivio.com>
Date: 3/12/22 9:09 AM (GMT-06:00)
To: club_cafe@bivio.com
Subject: RE: [club_cafe] Heads Up If You Own AL or BGS
Our club owns AL. TDA has not updated our 1099. Has other TDA clubs received updated 1099's from them?
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Laurie Frederiksen Sent: Tuesday, March 8, 2022 8:59 PM To: The Club Cafe <club_cafe@bivio.com> Subject: [club_cafe] Heads Up If You Own AL or BGS
Many of your clubs own AL and/or BGS.
Just a heads up that there have been late reclassifications to their dividends. Many clubs are now receiving revised 1099's to show that.
You'll need to make these reclassifications to properly report your taxes and adjust the cost basis of your shares.
If you did not sell any shares in 2021, and you have already filed your club taxes, you'll need to make the corrections. However, you can decide whether or not to file an amended return. You will have over-reported your taxes, so the IRS would probably not complain if you don't.
On the other hand, if you did sell shares in 2021, and you have already filed, you do need to update and file an amended return. You will have underreported your capital gains on your sales. Something the IRS probably won't like.
Laurie Frederiksen Invest with your friends! www.bivio.com
Yes, our club received a corrected 1099 from TDA on March 3rd, just hours after I had mailed our 1065 to the IRS. With Laurie's help I was able to run the tax program again (after making the corrections) and mail a Superseding return March 10.
Sent via the Samsung Galaxy S10e, an AT&T 5G Evolution capable smartphone
Just a heads up that there have been late reclassifications to their dividends. Many clubs are now receiving revised 1099's to show that.
You'll need to make these reclassifications to properly report your taxes and adjust the cost basis of your shares.
If you did not sell any shares in 2021, and you have already filed your club taxes, you'll need to make the corrections. However, you can decide whether or not to file an amended return. You will have over-reported your taxes, so the IRS would probably not complain if you don't.
On the other hand, if you did sell shares in 2021, and you have already filed, you do need to update and file an amended return. You will have underreported your capital gains on your sales. Something the IRS probably won't like.
Laurie Frederiksen Invest with your friends! www.bivio.com