New IRS Reporting Requirements for Your Investment Club
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New Reporting Requirements |
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Starting this year, a new tax program is being phased in which requires your broker to report your capital gains to the IRS. What does that mean for your investment club? It means there is an additional reason the information on your club tax return will need to be correct. The IRS will now have another thing to check it against. In our experience, brokers have not done a very good job of calculating this information correctly in the past. Fortunately for your club, part of the service we provide is to help you make sure it's tracked correctly in your bivio records. You may find you'll need to work with your broker to make sure their records are accurate. For example, you'll want to make sure you know how they're doing their calculations. Brokers are now offering different options for calculating capital gains. The IRS specifies default options but we've already found one broker that is incorrectly offering another one as a default. Cost basis tracking and the new capital gains reporting rules will be the topic of this months Club Meeting Meeting Presentation on Thursday, November 3 at 8:30PM ET. We'll be discussing what will be reported and what you need to check in your records to make sure your tax preparation will stay as simple as possible. The webinar is free and all are invited but space is limited. Register now atwww.bivio.com/club_cafe | |
| Help Spread the Word and Help Your Club Too! |
Does anyone in your club write a blog or maintain a web page? Help us to spread the word about bivio by linking to http://www.bivio.com on your websites or blogs. For each page that links back to us, we'll credit your club with $10 in bivio bucks that you can apply toward your club subscription renewals. We'll even give you a referral code if you'd like to get an additional $50 in bivio bucks credit for any new clubs that join bivio through the link on your site. Just email us at support@bivio.com to let us know where you've added the link and to get your referral code! | |
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