Taxes: Partner's capital account analysis on K1

Mac Duskin on

We have used an accountant in the past and this section has
been filled in. Just generated our forms on bivio and it is
not populate. Is this information required?

Rip West on

We have used an accountant in the past and this section has been filled in. Just generated our forms on bivio and it is not populate. Is this information required?

No, it's probably not required. Look at Question 5 on page 2 of the return. It states, there, that if the question is answered 'Yes', the partnership is not required to complete Schedules L, M-1, and M-2.

Having said that, I wish that bivio and Club Accounting would complete those schedules for all returns. The information is there, and could be filled out for all clubs. I am not aware of any other software vendors for partnership tax returns that do not fill those out as a matter of course. I have brought this to the attention of both bivio and IClub, but I wouldn't hold my breath until it is implemented.

Rip West
Saint Paul, MN

Paul Moeller on

Rip West wrote:
> Having said that, I wish that bivio and Club Accounting
> would complete those schedules for all returns. The information is there, and
> could be filled out for all clubs.

Our software does complete Schedule L, M-1 and M-2, but only if the limits
are reached. We don't see any reason to provide more information than
required to the IRS.

Paul Moeller
bivio, Inc.

Rip West on

Our software does complete Schedule L, M-1 and M-2, but only if the limits are reached.

Hey, that's great, Paul. I was going on conversations that I had many years ago with Ion and Rob, and the decision was not to do this for free.

We don't see any reason to provide more information than required to the IRS.

The IRS isn't going to benefit from this information. They won't even look at it, but it could be a real benefit to many customers. Since you already have this available, I urge you to provide it next year for all customers. As I said, all professional tax preparation software of which I am aware, provides this information.

Rip West
Saint Paul, MN

Louis F. Sicilia on

Perhaps in the future, sinde the information is already
available and the clubs seem to have an interest in having
the schedules populated even though not required by the IRS,
you can give the option to the clubs to have the schedule(s)
remain empty or be populated with the data.

Rip West wrote:
> Our software does complete Schedule L,
> M-1 and M-2, but only if the limits are reached.
>
> Hey, that's great, Paul. I was going on conversations that
> I had many years ago with Ion and Rob, and the decision was not to do this for
> free.
>  
> We don't see any reason to provide
> more information than required to the IRS.
>
> The IRS isn't going to benefit from this information. They
> won't even look at it, but it could be a real benefit to many customers. Since
> you already have this available, I urge you to provide it next year for all
> customers. As I said, all professional tax preparation software of which I am
> aware, provides this information.
>  
> Rip West
> Saint Paul, MN

Roy Williams on

Mac Duskin wrote:
> We have used an accountant in the past and this section has
> been filled in. Just generated our forms on bivio and it is
> not populate. Is this information required?

I would like to chime in on the issue. It would be nice to
have bivio give us a choice whether to populate the Partners
capital account analysis. I currently provide this info to
our members as an additional report .

Roy Williams

Paul Moeller on

Roy Williams wrote:
> It would be nice to
> have bivio give us a choice whether to populate the Partners
> capital account analysis.

We've added this feature. From the Administration / Tools page, select
the "Edit Club Configuration" link and then select the "Compute
additional federal tax schedules" checkbox.

Paul Moeller
bivio, Inc.

Roy Williams on

Paul Moeller wrote:
> Roy Williams wrote:
> > It would be nice to
> > have bivio give us a choice whether to populate the Partners
> > capital account analysis.
>
> We've added this feature. From the Administration / Tools page, select
> the "Edit Club Configuration" link and then select the "Compute
> additional federal tax schedules" checkbox.
>
> Paul Moeller
> bivio, Inc.

Thanks Paul

I had been producing a separate report but this is a better
solution for our club. I realize that not all clubs want
the same thing, so the choice is the key idea.

Thanks again

Roy Williams

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