This is probably a dumb question, but what exactly are
"foreign tax expenses"? I see that the trigger for
requiring filing of K-3 forms if the club has more than
"$300 in foreign tax expenses." Is $300 in foreign tax
expenses the same as "$300 in foreign tax"? Or are
"expenses" something different, similar to what we typically
consider club expenses?

Foreign tax "expenses" is foreign tax.

Ira Smilovitz

On Tue, Feb 21, 2023 at 9:55 AM Gilbert R. Jones via bivio.com <user*23080100001@bivio.com> wrote:

This is probably a dumb question, but what exactly are
"foreign tax expenses"? I see that the trigger for
requiring filing of K-3 forms if the club has more than
"$300 in foreign tax expenses." Is $300 in foreign tax
expenses the same as "$300 in foreign tax"? Or are
"expenses" something different, similar to what we typically
consider club expenses?

One quick question. If the Club is not required to submit a K-2 and K-3's but a member requests a K-3, does our Club have to submit the K-2 and K-3's covering all members with our final tax documents?

One quick question. If the Club is not required to submit a K-2 and K-3's but a member requests a K-3, does our Club have to submit the K-2 and K-3's covering all members with our final tax documents?

Nancy Murphy-Chadwick
Director of University Housing and Residence Life, Emerita

nmurphychadwick@twu.edu

---

From: club_cafe@bivio.com <club_cafe@bivio.com> on behalf of ira smilovitz via bivio.com <user*2883400001@bivio.com>
Sent: Tuesday, February 21, 2023 9:47 AM
To: club_cafe@bivio.com
Subject: Re: [club_cafe] K-3s - Foreign Tax Expenses

Foreign tax "expenses" is foreign tax.

Ira Smilovitz

On Tue, Feb 21, 2023 at 9:55 AM Gilbert R. Jones via bivio.com <user*23080100001@bivio.com> wrote:

Investment Club Accounting, Tax Preparation and Management Software - bivio Investment Clubs bivio.com bivio provides investment club accounting and hedge fund management services, including investment partnership accounting and tax software, private and public websites and message boards, and investment advice.

This is probably a dumb question, but what exactly are
"foreign tax expenses"? I see that the trigger for
requiring filing of K-3 forms if the club has more than
"$300 in foreign tax expenses." Is $300 in foreign tax
expenses the same as "$300 in foreign tax"? Or are
"expenses" something different, similar to what we typically
consider club expenses?

Thank you Ira! That is very helpful.

One additional question regarding the K-3's. Our Club received the notice from Bivio indicating that we did not meet the tax threshold to file K-2/K-3.  I have not yet printed off our Club's 1065 to mail in to the IRS and did not request K-2/K-3 be included with the 1065.  One of our members requested a K-3 yesterday. Do I now need to go back in and change my request to Bivio to add the K-2 and K-3 to my tax docs? In an abundance of caution, would it be best to provide the K-3 for all members  and ask them to check with their individual tax advisors to see if the K-3 is needed for their personal filing. Or is there a way to request a K-3 of an individual without affecting the entire tax document that will remain in the Bivio system.

Thank you for your further assistance!

Nancy

Thank you Becky! That was very helpful and I'll follow the process listed below.

Hi Nancy,

You can go ahead and file your return without generating K-2 and K-3s now. Here is an overview of the process.

If a member has requested a K-3 after February 15 and you only want to generate a K-3 for the requesting member, do the following:

Complete the tax interview and say "no" when asked to include K-2 and K-3s. File your club taxes and any state taxes and notify your members they can download their K-1s and other documents. Don't forget to print and also save a copy of the return in another location, exactly as you filed it.

When members have downloaded their documents, you can return to Accounting>Taxes and complete the Step 4 tax interview again, this time indicating Yes to include K-2 and K-3s. Generate the return and download. Do not re-file your tax return. Print out the K-3 to give to the requesting member. Other members do not need to be given the K-3 and you do not send anything to the IRS.

Becky Kruse

Just click on the 'Expert Taxes" link at the bottom of the Taxes page.

On 2/22/2023 6:55 PM, Michael Grove via bivio.com wrote:

Hi Becky,

Is there a way to view/download the K1 pdf for a particular member? I know it is in the 1065 document, but what if we wanted to send just the K1 to a member or ex-member?

Thx

Mike

On Wed, Feb 22, 2023 at 11:46 AM Becky Kruse <kruse@bivio.biz> wrote:

Hi Nancy,

You can go ahead and file your return without generating K-2 and K-3s now. Here is an overview of the process.

If a member has requested a K-3 after February 15 and you only want to generate a K-3 for the requesting member, do the following:

Complete the tax interview and say "no" when asked to include K-2 and K-3s. File your club taxes and any state taxes and notify your members they can download their K-1s and other documents. Don't forget to print and also save a copy of the return in another location, exactly as you filed it.

When members have downloaded their documents, you can return to Accounting>Taxes and complete the Step 4 tax interview again, this time indicating Yes to include K-2 and K-3s. Generate the return and download. Do not re-file your tax return. Print out the K-3 to give to the requesting member. Other members do not need to be given the K-3 and you do not send anything to the IRS.

Becky Kruse

Most of our members could access their K-1's directly from the bivio website but for the one who couldn't, I downloaded the whole tax document and saved as a pdf - then you can choose to "print" just that particular member's pages by selecting the appropriate range of pages. At the bottom of the print page is a tab with an arrow that says "pdf" - click on that and save that subset of pages as a pdf and then send that to the appropriate member by email.

Barbara

Just click on the 'Expert Taxes" link at the bottom of the Taxes page.

Hi Becky,

Is there a way to view/download the K1 pdf for a particular member?  I know it is in the 1065 document, but what if we wanted to send just the K1 to a member or ex-member?

Thx

Mike

On Wed, Feb 22, 2023 at 11:46 AM Becky Kruse <kruse@bivio.biz> wrote:

Hi Nancy,

You can go ahead and file your return without generating K-2 and K-3s now.  Here is an overview of the process.

If a member has requested a K-3 after February 15 and you only want to generate a K-3 for the requesting member, do the following:

Complete the tax interview and say "no" when asked to include K-2 and K-3s.  File your club taxes and any state taxes and notify your members they can download their K-1s and other documents.  Don't forget to print and also save a copy of the return in another location, exactly as you filed it.

When members have downloaded their documents, you can return to Accounting>Taxes and complete the Step 4 tax interview again, this time indicating Yes to include K-2 and K-3s.  Generate the return and download.  Do not re-file your tax return.  Print out the K-3 to give to the requesting member. Other members do not need to be given the K-3 and you do not send anything to the IRS.

Becky Kruse