We were just hit with a $2250 fine by the IRS for failure to file the Club taxes on time. We had a miscommunication on who was supposed to file it. When the IRS notified us (Dec) we filed immediately. Now they have sent us ...
The best way to know is to send the return by certified mail. The receipt is proof of filing. Next best, if you don't send the return certified mail is to call the IRS. Once the return is processed (this could take several weeks), any ...
I agree with Rip. Start first on the phone. Usually you can get a waiver that way. If the phone call fails, you can always write the letter. Ira Smilovitz In a message dated 03/19/08 6:04:21 P.M. Eastern Daylight Time, mservant@charter.net writes: My club actually ...
John, My club actually experienced this situation. There is a appeal process that involves responding in writing and were actually successful on reducing the fine. If i recall the info on the appeal process was on the IRS letter that was sent with the fine. ...
I use to get a % for the IRR for my club and Vanguard 500 Index Fund (VFINX) to compare how we are doing. I am putting in the date 1/1/2008-current date and I am getting "NA" instead of a %. Last month were almost ...
We have a member who cannot get online. she answers the invitation but it doesn't work. she called tech support and was told I (the treasurer) have a bookmark # that lets her in. I don't know this weaver. Deannie
Does any corrective action need to be taken if there is a post-withdrawal adjustment on the Withdrawal report inorder to "consider it an additional fee to the member? We caught this notation at the end of year printing of the Withdrawal report for the archives. ...
You are not responsible for withholding taxes on nonresident members of your club as none of your income is PA-source income. Your nonresident members do not have any PA tax liability as a result of membership in an investment club UNLESS your club invests in ...
I just used the PA partnership tax generator to create our club's PA tax return. All of the capital gains from the sale of stock appears as "Outside PA" revenue and is not included as taxable gains on the members K1's. Can this be correct? ...
i cannot find a way to separate current and withdrawn members on the roster. i need to print a current roster. plus, it is annoying. do i need to go back thru and withdraw each membe r again? oi! deannie
Here's what you should have in your records. 1) Deposit of $50 from member. (Deposit that will bounce.) 2) Deposit of negative $50 from member. (Removes deposit when check bounces.) 3) Deductible expense of $20. (Bounced check fee. This is an expense of the club.) ...
Go to the broker account transaction listing. Find the $50 entry and click on the delete link to the right of the entry. Ira Smilovitz In a message dated 03/15/08 5:33:56 P.M. Eastern Daylight Time, kittiecaldwell@earthlink.net writes: Can I delete the $50 from the misc. ...
They certainly are taxable. Ira Smilovitz In a message dated 03/15/08 3:21:13 P.M. Eastern Daylight Time, g_cudd@bivio.com writes: I just used the PA partnership tax generator to create our club's PA tax return. All of the capital gains from the sale of stock appears as ...