Tax Program Status

When can I prepare my club taxes?

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There are many complex and late changes the IRS has released affecting the forms you need to file for 2021. We are still working hard to process and implement them.

We hope to have the tax program released sometime in late February. We will send out a bulletin when it is available.

You can't use it until you receive your 1099. Brokers have until February 15 to get them to you. Check with your broker to find out when you will get it.

If you already have it, you can get started now with the first three steps of the tax prep program which are:

1. Do an audit to verify your club information is correct in bivio. This explains how to do it:


2. Check the dividends reported on your 1099-DIV against the bivio 1099-DIV review report you can find on the Accounting>Reports page. Make any adjustments needed to the bivio entries to bring them into agreement with what the broker is reporting. Also make sure that the country code shown for each of your stocks is correct.

3. Check your capital gains and losses on your 1099-B against the bivio 1099-B review form you can find on the Accounting>Reports page. Make any adjustments needed to your bivio entries to correct them so bivio reports the same as what the broker shows.

Thes are the most time consuming steps of the tax prep process. If everything checks out correctly in the steps above, you'll be able to do your club taxes in a few minutes when the program is released.

The text for the webinar we just gave that shows you what to do for steps 2 and 3 is already posted at the link below. We are working to also post a recording of the webinar within the next week:

Preparing Your 2021 Investment Club Taxes

Filing for an Extension

The IRS continues to make changes to the partnership tax return instructions. To make it easier for you to amend your return if they change something after you file, we are recommending that, prior to March 15, all clubs apply for an automatic 6 month extension for filing their club taxes.

The process to amend a return (if it becomes needed) is much simpler if it is done before the due date or extended due date of the return, especially if your club has not opted out of the CPAR audit requirements.

This doesn't mean you need to wait to file your club taxes. It just gives you more flexibility if you need to amend them after you do.

  1. Send in IRS Form 7004 to Request the Automatic 6 month Extension

    Form 7004 Form and Instructions

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