>>As the fairly new treasurer of our club, we were with ICLUB
(and NOCA) until last month.  When I took over at the
beginning of the year, we had purchased both the Federal and
State (MA) tax printers, thus making that process fairly
'hands off'.

>>I'm assuming that - especially with the Federal tax printer
included with Bivio - it's a fairly painless tax to complete
the state tax portion of the returns, but am wondering if
there's a place to go or document to read on completing the
state returns so that I can get up to speed before the tax
season actually jumps on us.

Brian,

 

You have my sympathy. I believe MA is competing with NJ for the most "investment club-unfriendly" state award. I don't know what 2005 has to offer, but I do know that the 2004 MA Form 3 had some calculations that weren't directly available from the federal 1065. If that weren't bad enough, any partnership with more than 25 partners or more than $50K in gross income or $100K in gross stock sales (not capital gains) had to file Form 3 electronically. MA did not provide web-based filing software. To the best of my knowledge there is only one commercially available software program that prepares partnership returns for less than $100 and getting it to correctly prepare an investment club return isn't trivial.

 

Ira Smilovitz