Member Tax Allocations Report

The Member Tax Allocations Report details the amount of income, interest, dividends, gains/losses, and expenses that the club has realized year to date (YTD). It also provides each member's allocation (taxable share) of each of those items.

The Member Tax Allocations Report is available during the year when you go to Accounting>Reports ONLY if your club elects the Time Based allocation method under Administration>Tools>Allocation Method.

If your club elects the Snapshot allocation methodology, bivio is unable to determine or report each member's allocation until the end of the year. At that point, the Member Tax Allocations Report will become available and clubs will be able to review each members annual taxable allocations.

Here is the information found on the report:

Name - The name of each person who was a member of the club at any time during the tax year. If a member withdrew during the year, they will still be allocated income and expenses for the portion of the year they were a member of the club.
Dividend - Each member's share of dividend income realized by the club YTD. After the tax preparation program is run, this will be divided into qualified and non-qualified dividend income.
Interest - Each member's share of interest income realized by the club YTD.
Short-Term Capital Gains/Losses - Each member's net share of any short-term capital gains/losses realized by the club YTD. Note that these amounts may be adjusted after the end of the year if wash sales must be accounted for when taxes are prepared.
Long-Term Capital Gains/Losses - Each member's net share of any long-term capital gains/losses realized by the club YTD. Note that these amounts may be adjusted after the end of the year if wash sales must be accounted for when taxes are prepared.
Misc. Income - Each member's share of any miscellaneous taxable income realized by the club YTD. Most clubs should not have anything in this category.
Misc. Expenses - Each member's share of any miscellaneous tax deductible expenses realized by the club YTD.
Note: If your club has an "off the books" Petty Cash Account transferred in from an old club accounting program, any expenses entered in it will be treated as non tax deductible expenses and, as such, will not be included in the tax allocations on the Member Tax Allocations Report.
Net Profit - The cumulative total of all of income, interest, dividends, gains/losses, and expenses allocated to each member year to date.