Is there anyway to dissolve a club, divide any proceeds and
do all the tax filing requirements before 1/01/2005?

I would like to hand all the members their money and the
2004 tax forms at the same time.

<<
Is there anyway to dissolve a club, divide any proceeds and do all the
tax filing requirements before 1/01/2005?
>>

Sure, but you will have to prepare the tax forms manually, since the
computerized versions of taxes for club accounting will not be available
by then.

Rip West
Saint Paul, MN

Belva H. Yon wrote:
> Is there anyway to dissolve a club, divide any proceeds and
> do all the tax filing requirements before 1/01/2005?
>
> I would like to hand all the members their money and the
> 2004 tax forms at the same time.

I'm in the same position - our club is going to close this
year. You can pay your members most of their final
distribution before the end of the year (95% or so), holding
back just a little for unexpected expenses. You can also
give them a report showing their tax allocatons. Just warn
them that the numbers aren't the ones they should use on
their tax returns. They will still have to wait for their
final K-1. In order to do an accurate tax return, I suggest
you wait until you get your 1099's and other final
statements in January. Bivio has an option to sign up for a
short period (three months, I think) for a reduced fee that
includes 2004 tax preparation. Sign up for that, and make
sure you pay that fee before 12/31/04 so the expense shows
up on your 2004 return. When you write your final checks in
January after the tax return is done, you may have just a
tiny bit of interest income in January, but it shouldn't be
enough to require reporting in 2005. Doing it this way
delays final payment a bit, and costs a little bit for the
extra three months of Bivio, but it saves the hassle of
doing the tax return by hand. Been there, done that many
times, don't want to do it again!

Good luck!