I spent a great deal of time completing this ridiculous
return only to get this email today. What a collosal waste
of my time! Hope you were spared!

From: <service@better-investing.org>
To: <prispeake@cox.net>
Sent: Tuesday, May 10, 2005 3:20 PM
Subject: Virginia Investment Club Tax


> Dear Club Member:
>
> The week of April 15 we sent an email to our NAIC club members in VA, DC
> and MD advising them of a new VA tax form for partnerships originally
> domiciled in the state of Virginia. Within a few days of that first
> email, the state of Virginia decided the Form 502 did NOT have to be
> filed. Unfortunately the state did not publicize this change in a timely
> manner and only posted it on their website. Contrary to what we were
> originally told by the Virginia Department of Taxation, the latest Tax
> Bulletin of May 6, 2005, makes it clear that this filing is not necessary
> by investment clubs. Below is information advising of the change in that
> ruling.
>
> **** On April 14, 2005, the Virginia Department of Taxation determined
> that Investment Clubs do not have to file Form 502 Virginia
> Pass-thru-Entity and issued a Tax Bulletin clarification on May 6, 2005.
> More information may be found at the Virginia Department of Taxation,
> Policy Library, Document 05-69, Bulletin Number VTB 05-6, Issued May 6,
> 2005. Call the Virginia Department of Taxation, Office of Customer
> Services, 804-367-8037 or 804-367-9286, if you have any questions. ****
>
> Tax Bulletin: http://better-investing.org/chapter/admin/article_view/2904
>
> Virginia Department of Taxation, Policy Library:
> http://www.policylibrary.tax.virginia.gov/OTP/Policy.nsf


I'll be researching who to NOT vote for in the next state
election cycle!

Alicia Peycelon wrote:
> I spent a great deal of time completing this ridiculous
> return only to get this email today. What a collosal waste
> of my time! Hope you were spared!

Alicia,

At the risk of tooting the horn my NAIC (now
BetterInvesting) chapter, the DC Chapter had this
information up a few weeks ago. Go to: www.naicdc.org

You may not live in northern VA but anyone can go to our web
site. Since we had many clubs affected by this rule we tried
to get the "correct" information.

The problem is like all BI Chapters we have limited
resources and only got this out to those on our contact
list.

But if there is something affecting VA clubs we will try and
provide clear information.

If you don't live in northern VA but want to spare others
this time waster we are willing to coordinate with you in
the future.

Sincerely,
Kevin Gillogly
DC Chapter

PS: Let me know who voted for this provision and we can call
them on it. <g>