Closing Club- Tax Reporting
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Closing Club- Tax Reporting We closed our club in February and sold all stocks, leaving a small balance in the Money Markets account with the broker. We can't disburse all funds until a 1099 is published (say, February 2012) and the FINAL IRS tax Form 1065 is completed. Do we wait and subcribe to another year of Biovio to officially Close Out? Dear James, You need to file your final tax return within 4 months and 15 days after your date of termination. The IRS does not specify exactly what you should consider the termination date but we recommend that you choose the point at which all your stocks have been sold and all your transactions are complete. You will file a "short year" 2011 return using the 2010 forms. The ability for you do prepare these in bivio will be available after regular tax season is over, usually around the beginning of May. -- Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio Hi James, Just one correction to my previous post. Your final return needs to be filed within 3 months and 15 days after the date your operations terminate. Which is the 15th day of the fourth month. -- Laurie Frederiksen Invest with your friends! www.bivio.com Become our Facebook friend! www.facebook.com/bivio Follow us on twitter! www.twitter.com/bivio |
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