Communications
club_cafe
HelpRegister
club_cafe: Partnership termination
>>We terminated our investment club in August and i was
wondering if anyone knew what we have to do about filing a
short 1065 return with the IRS?  Also, is there anything
else we have to do when we terminate?
If you terminated in August, you should file your final 1065 by December 15, 2004. However, I would wait for the actual 2004 tax forms to be released since there are significant changes to the K-1. I have yet to hear of a club being penalized for filing their final return late as long as it is filed by the regular due date of 4/15.
 
The only other thing that I would do is check with your state to see if it has any requirements that have to be met. Some states require a formal termination notice.
 
Ira Smilovitz
I have another question, our subscription to bivio expires
December 31st and since we terminated our partnership
there's no reason to pay to keep it going. Is there anyway
we can keep the account open long enough so we can do our
final taxes and not have to pay the full year's subscription
amount?

IraS1@aol.com wrote:
> >>We terminated our investment club in August and i was
> wondering
> if anyone knew what we have to do about filing a
> short 1065 return with the
> IRS?  Also, is there anything
> else we have to do when we
> terminate?
>
> If you terminated in August, you should file your final 1065 by December
> 15, 2004. However, I would wait for the actual 2004 tax forms to be released
> since there are significant changes to the K-1. I have yet to hear of a club
> being penalized for filing their final return late as long as it is filed by the
> regular due date of 4/15.
>  
> The only other thing that I would do is check with your state to see if it
> has any requirements that have to be met. Some states require a formal
> termination notice.
>  
> Ira Smilovitz
Eric Rudy writes:
> I have another question, our subscription to bivio expires
> December 31st and since we terminated our partnership
> there's no reason to pay to keep it going. Is there anyway
> we can keep the account open long enough so we can do our
> final taxes and not have to pay the full year's subscription
> amount?

We offer a $39 half-year subscription for this purpose:

https://www.bivio.com/my-club-site/admin/subscribe/half-year

Rob