club tax records

Hedda Schnur on

How many years must club tax records be kept?

Linda Wiltse on

Minimum of 3 years
In cases of fraud the IRS can go back 6 years or more.
Linda
Pointe Players

-----Original Message-----
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Hedda
Schnur via bivio.com
Sent: Sunday, March 13, 2016 2:11 PM
To: club_cafe@bivio.com
Subject: [club_cafe] club tax records

How many years must club tax records be kept?

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Laurie Frederiksen on

There is no single answer to this question. It depends on the reliability and accuracy of your record keeping.

Your investment in your club is an investment in a capital asset. The general rule is to keep any records that substantiate the basis in that asset until you dispose of it. In the case of a club that would be when it disbanded. Everything in your clubs accounting history is still impacting your current accounting.

Based on issues we deal with with clubs fairly regularly, I wouldn't be too quick to dispose of historical records that substantiate anything you've entered in your accounting. We find issues often where availability of historical information has turned out to be very valuable to help clubs sort through current issues.

If you have duplicate information, for example deposit records and also brokerage statements that show deposits, perhaps you can consolidate things a bit. You could also scan and store electronic versions of the papers in your files area in bivio.

Laurie Frederiksen
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The Freemans on

COPIED FROM I-CLUB FAQ
http://www.iclub.com/faq/index.php?action=artikel&cat=2&id=493&artlang=en

Any adjustments to cost basis on the 1065 are made in favor of the club; the forms are built to assume that your records are more accurate than the broker's.

On 3/14/2016 9:49 AM, Laurie Frederiksen wrote:

There is no single answer to this question. It depends on the reliability and accuracy of your record keeping.

Your investment in your club is an investment in a capital asset. The general rule is to keep any records that substantiate the basis in that asset until you dispose of it. In the case of a club that would be when it disbanded. Everything in your clubs accounting history is still impacting your current accounting.

Based on issues we deal with with clubs fairly regularly, I wouldn't be too quick to dispose of historical records that substantiate anything you've entered in your accounting. We find issues often where availability of historical information has turned out to be very valuable to help clubs sort through current issues.

If you have duplicate information, for example deposit records and also brokerage statements that show deposits, perhaps you can consolidate things a bit. You could also scan and store electronic versions of the papers in your files area in bivio.

Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
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rhschnur on

Thanks for the feedback. I have nearly 20 years of tax returns and other records in my attic. This weekend we started a major clean out so that's why I was asking!! LOL. I think I will keep most of this stuff. You are right, you just never know what event might trigger the need for a review.

-----Original Message-----
From: Laurie Frederiksen <laurie@bivio.biz>
To: The Club Cafe <club_cafe@bivio.com>
Sent: Mon, Mar 14, 2016 6:50 am
Subject: Re: [club_cafe] club tax records

There is no single answer to this question. It depends on the reliability and accuracy of your record keeping.

Your investment in your club is an investment in a capital asset. The general rule is to keep any records that substantiate the basis in that asset until you dispose of it. In the case of a club that would be when it disbanded. Everything in your clubs accounting history is still impacting your current accounting.

Based on issues we deal with with clubs fairly regularly, I wouldn't be too quick to dispose of historical records that substantiate anything you've entered in your accounting. We find issues often where availability of historical information has turned out to be very valuable to help clubs sort through current issues.

If you have duplicate information, for example deposit records and also brokerage statements that show deposits, perhaps you can consolidate things a bit. You could also scan and store electronic versions of the papers in your files area in bivio.

Laurie Frederiksen
Invest with your friends!
www.bivio.com

Become our Facebook friend! www.facebook.com/bivio
Follow us on twitter! www.twitter.com/bivio
Follow Us on Google+

Click here to Subscribe to the Club Cafe email list. Click here to Unsubscribe