Club Dues
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Club Dues If we are disbanding in October, do we need to pay for the year in order to get our tax returns? Stephanie Kissel Dividend Divas Hi Stephanie, You need a current bivio subscription to make any accounting entries or complete your club's tax returns. Members can print their tax documents after the subscription has expired. However, there is no need for members to wait until 2024. If your club files a short-year tax return in 2023, each member can print their tax documents as soon as the return is filed. Becky Kruse bivio Thanks for the information. We were planning to cash out in October is that considered late in the year? Will I get the short year tax return from Bivio? If I need to file another form next year where do i get it? Thanks for the help Stephanie Kissel > On Sep 15, 2023, at 4:18 PM, Becky Kruse <kruse@bivio.biz> wrote: > > Hi Stephanie, > > You need a current bivio subscription to make any accounting entries or complete your club's tax returns. Members can print their tax documents after the subscription has expired. However, there is no need for members to wait until 2024. If your club files a short-year tax return in 2023, each member can print their tax documents as soon as the return is filed. > > Becky Kruse > bivio Hi Stephanie, Look in your email inbox for a response I sent to you earlier today from support@bivio.com. It has the background information you need and the answers to your questions about withdrawal timing and final club taxes. Becky Kruse bivio Thanks for the information. We were planning to cash out in October is that considered late in the year? Will I get the short year tax return from Bivio? If I need to file another form next year where do i get it? Thanks for the help Hi Becky, How do we get the short year tax return? Does Bivio send it to us? We are currently disputing the IRS as they sent a letter to me stating that our return for 2022 was received late, it was postmarked March 9, 2023, however they didn’t look at the postmark. I sent a letter to them with copies of my postmark and routing of the return and it was in a warehouse for a week or so. they received the letter but never responded. i then received a letter from a collection agency to start paying our fine of $2500.00. our Attorney is now trying to get them to respond to her letter along with copies of proof that it was sent on time. This has been very upsetting for me as the treasurer. So I want to make sure we do everything needed to close this out without problems with the IRS. Thanks again for your info, Stephanie Kissel > On Sep 15, 2023, at 4:18 PM, Becky Kruse <kruse@bivio.biz> wrote: > > Hi Stephanie, > > You need a current bivio subscription to make any accounting entries or complete your club's tax returns. Members can print their tax documents after the subscription has expired. However, there is no need for members to wait until 2024. If your club files a short-year tax return in 2023, each member can print their tax documents as soon as the return is filed. > > Becky Kruse > bivio Hi Becky, How do we get the short year tax return? Does Bivio send it to us? We are currently disputing the IRS as they sent a letter to me stating that our return for 2022 was received late, it was postmarked March 9, 2023, however they didn’t look at the postmark. I sent a letter to them with copies of my postmark and routing of the return and it was in a warehouse for a week or so. they received the letter but never responded. i then received a letter from a collection agency to start paying our fine of $2500.00. our Attorney is now trying to get them to respond to her letter along with copies of proof that it was sent on time. This has been very upsetting for me as the treasurer. So I want to make sure we do everything needed to close this out without problems with the IRS. Thanks again for your info, Stephanie Kissel > On Sep 15, 2023, at 4:18 PM, Becky Kruse <kruse@bivio.biz> wrote: > > Hi Stephanie, > > You need a current bivio subscription to make any accounting entries or complete your club's tax returns. Members can print their tax documents after the subscription has expired. However, there is no need for members to wait until 2024. If your club files a short-year tax return in 2023, each member can print their tax documents as soon as the return is filed. > > Becky Kruse > bivio Stephanie, shouldn't you wait to disband until the IRS issue is solved? Hi Becky, I would rather not go into another year as our group is small and we have had several members leave with most of our portfolio and dues to Bivio is a dent that I would rather not have to pay again next year. I have proof that I mailed it in time so I believe it will be taken care of soon as the attorney is used to this kind of problem. Thanks Stephanie
Hi Stephanie, I've enabled the partial-year tax software for your club. As John said, it may be premature to finalize your club right now while you have outstanding IRS issues. Becky Kruse bivio As Treasurer of CRIG for 26 years we elderly ladies are disbanding at end of 2023. Since over 3/4 is capital gains we used % of ownership to withdraw and transfer stocks from TD to members new Schwab accounts ɓy lots to spread gains equally and avoid capital gains to members till they sell. Club sold losers and any stock left after each partial withdrawal in Aug. I then transfered cash to outside club checking account and we are waiting for last dividends to be paid into our new Schawb account ( has no stock) before transferring cash to outside club checking account with exact same name. and closing Schwab account. Members have stocks in new Schwab accounts and their. cash will be distributed per Bivio final withdrawals in Nov to avoid Dec interest.and checking account closed. We got a late notice for 3rd time due to PO taking 14 days and IRS will not check postmark or tracking. Last two penalties were removed after many dealings with IRS. This year I was told by agent on first call (2 hr wait) I could ask her to place a hold on the case file to allow IRS time. Was given 90 days freezing monthly fines and penalties till Oct. . She gave me 3 min to Fax my proof to her or else mail it. I always mail everything certified with proof of delivery to IRS. Bivio is paid to 3/9/2024 allowing club to meet 90 day tax filing. I closed another club after 3 years in 2002 selling all stocks and waiting for dividends, much easier but small gains and younger members. Much thanks to 3 members that are on my committee but need to understand why Bivio should calculate final withdrawal not % of club but by Units owned. Bivio will calculate exact money due each member. I started with I Club but starting with 40 members, now 11, Bivio has been much easier. Thank You Bivio Cindy Gerke Coles River Investment Group.
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