Question re: Multi-State Club Taxes

Lynn Marie T'Niemi Perez on

We are a club with members from multiple states and are
wondering how/if this impacts filing state taxes. We are
officially an Illinois club--we registered with an IL
address. We have members from MI, IL, GA, SD, IN, and MN.

Do we need to file state returns in other states?

Lynn
Treasurer
Clever Ladies Investment Club

iras1 on

IL does not require a return.

In a message dated 03/01/09 17:59:17 Eastern Standard Time, efrainlynn@bivio.com writes:

We are a club with members from multiple states and are
wondering how/if this impacts filing state taxes. We are
officially an Illinois club--we registered with an IL
address. We have members from MI, IL, GA, SD, IN, and MN.

Do we need to file state returns in other states?

MI - has a new Michigan Business Tax which replaces the old Single Business Tax. I scanned the instruction booklet without seeing a definitive answer as to whether a MI investment club has to file. I presume that a non-MI club with MI partners does not have to file.

IL - There is no filing requirement for any investment club in IL

GA - Requires Form 700 if there are any GA residents

SD - No filing requirement

IN - IT-65 required only if doing business in IN or deriving income from IN sources

MN - M-3 required if you have MN source income.

Ira Smilovitz

Mail