We are just finishing up our first year as a partnership and
I'd like to know if there is anything that I can do as the
Financial Partner to prepare for our 2003 taxes. This is a
two part question:
1) is there anything I can do to be more prepared come tax
time?
2) is there anything I can do to prepare my members come tax
time? Will the members have to file differently than they
normally do?

Thank you,
Diana

Diana Crouch wrote:
> We are just finishing up our first year as a partnership and
> I'd like to know if there is anything that I can do as the
> Financial Partner to prepare for our 2003 taxes.
 
Below are a few steps to verify that the club is ready to prepare the
tax forms.
 
Required information
 
* Bank and brokerage statements, Jan - Dec
* Bank, brokerage and DRP 1099 forms, usually available in late January
 
Tax Verification
 
* Accounts balance on 12/31
* No unassigned debit/credits
* No "unknown" income/expense (non-deductible expenses OK)
* Income and expense entries have adequate description in the remark
* Make sure the bivio subscription is expensed
* 1099 dividend & interest totals match Income Statement
* 1099-B sales amounts match Capital Gains & Losses
* Take bivio partnership interview, note any missing addresses/tax IDs
 
https://www.bivio.com/my-club-site/accounting/reports/income-and-expense
 
Each member will receive a K-1 which documents their portion of the
club's taxable items. The members should use their K-1 when preparing
their personal taxes.
 
Paul Moeller
bivio, Inc.