club_cafe: The tax process

iras1 on

In a message dated 02/27/08 12:03:45 A.M. Eastern Standard Time, etana_finkler@bivio.com writes:

What is the process for the taxes and who gets what:

here's what we're planning and did already:
1. We read Ira's Tax workshop.
2. We just generated and printed the bivio tax documents
after taking the interview.
3. Tomorrow night we'll review what we printed, and get all
our documents ready for the audit.
4. Then we have the audit committee review the deposits,
holdings, beginning and ending balance, all transactions for
the year
5. What do we bring to the March 11 meeting to hand out for
each member? The K-1 for each member and the Member Tax
Allocations Report? anything else? The D? The members do
not have to file the K-1s; correct? It's for their
information because WE (the treasurer and ass't treasurer)
are filing it...?

Members get a copy of their K-1 and the page 2 list of codes. They need to enter the data from the K-1 onto their personal returns.

7. Do we send all 43 pages that bivio generated (1065, D and
K-1s) to Ohio as state returns from our club?

You send the 1065, Schedule D, all K-1s and any supporting statements to Cincinnati. This is your federal filing, not your state return.

8. In my last question I asked how to fill out the MD tax
form for each member, so I'll look for the report in that
thread.
9. What else?

Keep a copy of everything in the club's files. Send the return by certified mail, return receipt requested.

Ira Smilovitz

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