In performing our year end club audit, I came across a couple of items that I'm not familiar with - they are very small amounts and I simply want to have a better understanding of what they are. One is an expense item labeled "ADR ...
Our club recently purchased Intel (INTC). However, its prices are not being updated automatically (i.e. I have to update it as "value unlisted"). I do know that we owned it a long time ago and I think I remember there is/was a bug related to ...
In the drp statements we receive there is a commission which is noted as paid by the company. When I have recorded the dividend I have not added that to the amount listed for the dividend, but the 1099 seems to have it added in. ...
Hi Everyone, To save on printing and paper, page 2 of your member K-1's is not included when you produce the total 1065 tax return that you will file for your club. It is the instruction sheet for the K-1 and it doesn't need to ...
IA investment clubs must file an IA-1065 return. Ira Smilovitz In a message dated 2/2/2012 10:00:39 A.M. Eastern Standard Time, jdniel@ncn.net writes: What is the law on Iowa State taxes. Does bivio do that. We have been filling them on our own.
how/where do I post each member's monthly contribution? If I post it in accounting, it is a duplication from the auto sync transfer from the bank. I want to make sure each member gets a full and proper accounting. Thanks
As long as your investment club doesn't invest in another partnership (LP, PTP), it doesn't have to file a VA-502 return. See the instructions for the form, http://www.tax.virginia.gov/taxforms/Business/Corporation%20and%20Pass-through%20Entity%20Tax%20Forms/2011/502Instr.pdf . Ira Smilovitz In a message dated 2/1/2012 6:48:41 P.M. Eastern Standard Time, gjenner1@cox.net writes: Do you ...
2011 Tax Program Released! The 2011 bivio Federal 1065 Partnership tax program has been released and is now available for your treasurer to use by going to Accounting>Taxes Just a reminder that we recommend you wait to file your investment club taxes and distribute K-1's ...
My 1065 has a total $, and it is divided up to our members equally. But, when I add the K-1's up it is higher that the total on my 1065. I know why, but I'm curious if this should be addressed or leave as ...
You don't have to worry about rounding errors. Ira Smilovitz In a message dated 2/1/2012 1:33:01 P.M. Eastern Standard Time, wrobe73928@cox.net writes: My 1065 has a total $, and it is divided up to our members equally. But, when I add the K-1's up it ...
There is no easy way because commissions are part of your cost basis/sales proceeds and fees are expenses. You'll have to go through your transactions and identify the amount and add them yourself. Ira Smilovitz In a message dated 1/29/2012 11:25:35 P.M. Eastern Standard Time, ...
I hope by now that all of you are aware that there are new cost basis reporting rules. We did a presentation about it in November: Cost Basis Reporting Changes We've been interacting with various brokers for various reasons related to the changes. I have ...