Oops. I (treasurer) processed a member withdraw a couple of weeks ago and just now realized it was a mistake. We are a model club, so I often do member withdraws from our club. But I got two people mixed up, and one is now ...
It's up to the money market, not the recipient, to determine whether what they pay is interest or dividend. Go with what they report. Ira Smilovitz In a message dated 02/16/08 8:25:06 A.M. Eastern Standard Time, danr33@aol.com writes: Accountsync picks up our money market income ...
It's an ordinary dividend. If you post it as interest, your 1065 Schedule K entries on lines 5 and 6a will not match your 1099s and you will probably receive a letter from the IRS asking you to explain the difference. As to what to ...
It won't create any problems. Ira Smilovitz In a message dated 02/16/08 4:56:19 A.M. Eastern Standard Time, mmt6@bivio.com writes: Account-sync BUYandHold posted the eoy money market income on 12/31/07. Will a transaction on that date mess with the end of year routines? What is your ...
According to the IRS Publications they are not deductible expenses. See IRS Pub. 550, Investment Income and Expense, www.irs.gov/pub/irs-pdf/p550.pdf . However, IRS Pubs. are not definitive statements of tax law and there are those in the practitioner community who would claim a deduction for the ...
I am confused about how to post broker money market income. The long standing habit of our treasurers was to consider broker money market income as "interest." However, the Bivio account-sync transaction from BuyandHold automatically posts the transaction as "dividend." Should we leave the account-sync ...
Account-sync BUYandHold posted the eoy money market income on 12/31/07. Will a transaction on that date mess with the end of year routines? What is your recommendation?
1. Our club attended the BINC in Dallas in 2007 at the club's expense. Is this a deductible expense? 2. We also stayed one night's lodging. Is the lodging a deductible expense?
Our club received a K-1 from PowerShares (DBA). It lists interest, Section 1256 gains and a distribution. The only item showing in our broker account is the distribution. My question relates to how to handle this in Bivio. I can enter the interest as income. ...
Our club has 2 complicated issues. The first concerns our REIT which we have since sold. On our statements we received 2 dividends of $71.00( 7/16/07 and 10/15/07) for a total of $142.00. On the 1099 details page.. it shows Div(box 1a) $30.70, Total Cap ...
Can't tell you how aggravated I am with switching over to BIVIO from Online Club Accounting. Although now Bivio will save us tons of money $99 /yr vs. $69 + $89.99.
We are still trying to understand the disparity in ordinary dividends between Etrade and our Bivio tax form. Etrade adds taxable qualified dividends and taxable non-qualified dividends to come up with ordinary dividends. Our entries on Bivio match Etrade to a T. We went through ...
Bivio will not return the correct amount for foreign passive income on the club tax return forms. In the rather unhelpful words of their tech support: "Our software only reports passive foreign income for investments which had foreign tax withheld." "Thank you for using bivio, ...
We have opened an OptionsXpress Investment Club account in the name of our club. The big problem I'm having is that they only accept deposits from a bank account in the same name. We don't have a bank account in our club's name because to ...