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Partnership Tax; Multiple States
I have members in the State of NJ and NY. Does the club need
to provide State Partnership Return for each state. The
Bivio only generates NJ State return.

Thanks for you help,
New York requires that the club file an IT-204 if there are any NY resident members, but the club only has to provide the K-1 equivalent for the NY members. There is a way to get bivio to generate the NY return, but my mind is reacting to too much tax. I'm sure if you ask bivio support, they'll tell you how to do it.
 
Ira Smilovitz
Join me at InvestEd 2010
Investor Education at Its BestTM
Baltimore, MD August 6 - 8, 2010
http://www.investor-education2010.org/
 
In a message dated 03/21/10 21:55:04 Eastern Daylight Time, jameschoe@bivio.com writes:
I have members in the State of NJ and NY. Does the club need
to provide State Partnership Return for each state. The
Bivio only generates NJ State return.

 
 

Hi James,

If you temporarily change your club address to NY rather than NJ,  you can retake the tax interview and generate the NY forms.

Laurie Frederiksen

iras1 wrote:
> New York requires that the club file an IT-204 if there are any NY resident members, but the club only has to provide the K-1 equivalent for the NY members. There is a way to get bivio to generate the NY return, but my mind is reacting to too much tax. I'm sure if you ask bivio support, they'll tell you how to do it.
>  
>
>
> Ira Smilovitz
> Join me at InvestEd 2010
> Investor Education at Its BestTM
> Baltimore, MD August 6 - 8, 2010
> http://www.investor-education2010.org/
>  
> In a message dated 03/21/10 21:55:04 Eastern Daylight Time, jameschoe@bivio.com writes:
>
> I have members in the State of NJ and NY. Does the club need
> to provide State Partnership Return for each state. The
> Bivio only generates NJ State return.
>
>
>  
>  
Our daughter, a member, has been a NY resident for a number
of years. I send her the Fed 1065 K1 and the Ca 565 K1,
which she gives to her accountant. We have never had any
requests for further documents. I assume her accountant
takes care of any additional documentation she may need to
file.
There is nothing in the IT-204 and associated schedules that she would need other than the amount of interest/dividends that are exempt from NY taxation (though taxable at the federal or in CA) and the amount that is taxable in NY though exempt at the federal or CA level. For the vast majority of clubs both of these amounts are $0.
 
Nevertheless, NYS tax law requires the filing of the IT-204. I'm not aware of the Department of Taxation and Finance taking any action against non-NY clubs that don't file, but that doesn't mean that it couldn't happen.
 
Ira Smilovitz
Join me at InvestEd 2010
Investor Education at Its BestTM
Baltimore, MD August 6 - 8, 2010
http://www.investor-education2010.org/
 
In a message dated 03/21/10 23:20:29 Eastern Daylight Time, colinwilson@bivio.com writes:
Our daughter, a member, has been a NY resident for a number
of years.  I send her the Fed 1065 K1 and the Ca 565 K1,
which she gives to her accountant.  We have never had any
requests for further documents.  I assume her accountant
takes care of any additional documentation she may need to
file.