With Congress' delay on resolving the AMT issue, I'm unsure
whether both Bivio and the IRS are ready for me (as
treasurer) to run year-end reports. I've already done the
preliminaries (reconciled bank and broker statements to
bivio, checked over records to see which dividends were
qualified). How will I know when it's OK to run the tax
reports?

I am in the same boat. I want to at least run preliminary
tax documents now but the Bivio site says that tax forms
will not be ready until early February.


Thomas Hardy wrote:
> With Congress' delay on resolving the AMT issue, I'm unsure
> whether both Bivio and the IRS are ready for me (as
> treasurer) to run year-end reports. I've already done the
> preliminaries (reconciled bank and broker statements to
> bivio, checked over records to see which dividends were
> qualified). How will I know when it's OK to run the tax
> reports?

> I want to at least run preliminary
> tax documents now ...

Have you run the "Member Tax Allocations" report for 2007?
The information on that report is the same as what will be
on the K-1 tax forms. (Remember to set the year to 2007
before running the report, otherwise you'll get a 2008 YTD
report.)

-Jim Thomas

Thomas Hardy wrote:
> How will I know when it's OK to run the tax reports?

Tax reports should be ready by the end of January or
beginning of February. We release updated tax software at
this time every year. We choose to do so at the end of
January for two reasons:

First, brokerages don't send out 1099s until January 31st,
so clubs cannot actually audit their books against the 1099
until this time. Second, the IRS releases the electronic
tax forms at the beginning of January and they ALWAYS change
things. We usually need a month to update and test our
software to handle the changes in the forms.

Please know that generating the tax forms is really easy.
Also, you can retake the partnership tax interview and
generate the tax forms again in the event that you need to
make corrections. If you need something to do right now,
reconciling your books against the broker's year-end
statement will make the work of auditing against the 1099
easy too.

Eric Dobbs
bivio Inc.