Membership in an Investment Club
| HelpRegister |
Membership in an Investment Club PA, CO, and MN require clubs registered in that state to file state tax
returns. PA also requires the club to file if any member is a resident of PA,
though there is ongoing debate about whether the state can enforce the filing
requirement on a foreign partnership (foreign in this instance means registered
outside of PA) when there is no nexus to PA other than a partner's
residence. PA is particularly vexing as its classification of income does
not conform with federal tax laws. AK and FL have no personal income tax, so no
partnership filing requirements.
Ira Smilovitz
In a message dated 1/10/2012 10:10:15 A.M. Eastern Standard Time,
amy.carlson@comcast.net writes:
If the club is registered
in WA state, which has no income tax at this time, are state tax returns needed
to be filed in CO and MN? As I read your answer, it sounds as if it is
yes, not just in PA, but also in CO and MN.
Thanks for your
response. From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of IraS1@aol.com Sent: Tuesday, January 10, 2012 8:44 AM To: club_cafe@bivio.com Subject: Re: [club_cafe] Membership in an Investment Club PA, CO, and MN require clubs registered in that state to file state tax
returns. PA also requires the club to file if any member is a resident of PA,
though there is ongoing debate about whether the state can enforce the filing
requirement on a foreign partnership (foreign in this instance means registered
outside of PA) when there is no nexus to PA other than a partner's
residence. PA is particularly vexing as its classification of income does
not conform with federal tax laws. AK and FL have no personal income tax, so no
partnership filing requirements.
Ira Smilovitz
In a message dated 1/10/2012 10:10:15 A.M. Eastern Standard Time,
amy.carlson@comcast.net writes:
|
|
||||||