club_cafe: Re: Re: How do you disband a club?

iras1 on

Generally, yes. When filing a short-year return, you use the previous year's forms, but indicate the short year via the date fields at the top of the forms. My only quibble is that your short year should begin 1/1/05 and not 12/31/04. I'm copying this reply to the support staff.

Ira Smilovitz

In a message dated 7/9/2005 12:00:53 A.M. Eastern Daylight Time, jenniferb@bivio.com writes:

Ira,

Our club did a short return today and we noticed the Form
1065 is 2004 with a tax year beginning 12/31/2004 through
and ending date 7/8/2005. Also, the K-1's show this same
information. Is this the way they are supposed to look?
Thanks,
Jennifer

Paul Moeller wrote:
> IraS1@aol.com wrote:
> > Record any close-up expenses such as printing and postage for your final
> > tax return, additional bivio subscription cost if you'll need to renew in order
> > to get access to the 2005 tax software, and any state costs for dissolving your
> > partnership.
>
> We now support short-year tax returns for no additional fee, so if
> your club disbanded in 2005, you can prepare the final federal tax
> return from the Accounting / Taxes page after entering the member
> withdrawals.
>
> Paul Moeller
> bivio, Inc.

Paul Moeller on

IraS1@aol.com wrote:
> My only quibble is that your short year should begin 1/1/05 and not
> 12/31/04. I'm copying this reply to the support staff.

Yes - it really does start on 1/1/05, but the IRS form doesn't have a
field for entering the short year, and instead has 2004 hard-coded on
the page, so our software enters the last day of the year in the month
and day fields.

Paul Moeller
bivio, Inc.

Jennifer Bonar on

Paul Moeller wrote:
> IraS1@aol.com wrote:
> > My only quibble is that your short year should begin 1/1/05 and not
> > 12/31/04. I'm copying this reply to the support staff.
>
> Yes - it really does start on 1/1/05, but the IRS form doesn't have a
> field for entering the short year, and instead has 2004 hard-coded on
> the page, so our software enters the last day of the year in the month
> and day fields.
>
> Paul Moeller
> bivio, Inc.

Jennifer Bonar on

So how should we handle the form, cross out the 12/31/04
date and write in 01/01/05? Our concern would then be if
the bivio software is going back and pulling data from the
12/31/04 date. Please advise.
Thank you,
Jennifer

Paul Moeller wrote:
> IraS1@aol.com wrote:
> > My only quibble is that your short year should begin 1/1/05 and not
> > 12/31/04. I'm copying this reply to the support staff.
>
> Yes - it really does start on 1/1/05, but the IRS form doesn't have a
> field for entering the short year, and instead has 2004 hard-coded on
> the page, so our software enters the last day of the year in the month
> and day fields.
>
> Paul Moeller
> bivio, Inc.

Rip West on

Jennifer,

<<
So how should we handle the form, cross out the 12/31/04 date and write
in 01/01/05?
>>

Yes, that wouled be fine.

<<
Our concern would then be if the bivio software is going back and
pulling data from the 12/31/04 date. Please advise.
>>

No, your data will be from 1/1 on. Apparently, with the IRS goof on the
form, there was no other alternative for bivio to show the short period.

Rip West
Saint Paul, MN

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