First time doing club taxes
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First time doing club taxes Hi had a quick question with taxes. If we did not have any sell transactions or any dividend income, what forms would we need to submit. Thanks Jason As long as you had expenses or any income (including interest), you would need to file Form 1065 and the associated Schedule K-1s with the IRS and any similar form your state(s) require. The only time you are not required to file is when there is absolutely no income or expense in the tax year. Even then, the IRS will send you a letter if you don't file asking where the return is.
Ira Smilovitz
In a message dated 12/29/08 16:34:00 Eastern Standard Time, jvandermark@bivio.com writes:
So if we paid commission for buying stocks that would be an expense and we need to file a 1065 and a k-1? iras1 wrote: > As long as you had expenses or any income (including interest), you would need to file Form 1065 and the associated Schedule K-1s with the IRS and any similar form your state(s) require. The only time you are not required to file is when there is absolutely no income or expense in the tax year. Even then, the IRS will send you a letter if you don't file asking where the return is. > > Ira Smilovitz > > In a message dated 12/29/08 16:34:00 Eastern Standard Time, jvandermark@bivio.com writes: > > Hi had a quick question with taxes. If we did not have any > sell transactions or any dividend income, what forms would > we need to submit. > > > Listen to 350+ music, sports, & news radio stations – including songs for the holidays – FREE while you browse. Start Listening Now! No. Commissions are part of your cost basis. However, the cost of your bivio subscription is a deductible expense.
Ira Smilovitz
In a message dated 01/01/09 15:17:30 Eastern Standard Time, jvandermark@bivio.com writes:
You did get an EIN from the IRS for your club,
didn't you?
If your club has an EIN, the IRS will be
expecting a tax return. If you don't file a return you'll
probably get a letter from the IRS and you'll need to respond with an
explanation of why you didn't file. IRS penalties for failure to file a
partnership return can be quite stiff.
It seems simpler to me to file a club tax
return so you don't have to explain later to the IRS why you didn't
file.
-Jim Thomas
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