But
make sure you read the disclaimer. If you have any questions, your
best advice will come from a local accountant that can review the
specifics of your situation.
Laurie Frederiksen Invest with your friends! www.bivio.com
Best resource is Ira on State returns for Partnerships is Ira. I have copied him on this email, so maybe he will respond to you.
Rip
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Mike Marr Sent: Monday, June 01, 2015 6:05 PM To: club_cafe@bivio.com Subject: RE: [club_cafe] Club membership
Hi Rip,
Is there a recourse where this info can be easily obtained? I am the treasurer for an online club that has new members from Texas, Florida, New York, New Jersey, Nevada and Minnesota.
The club operates as a Minnesota Partnership and I have sent a partnership return every year. I have heard New York requires a partnership filing and you say New Jersey does as well. Any idea if Nevada requires filing?
So just to be clear, my online club needs to file a partnership return with NJ as well as with state in which it was originally established? Also, when filing my income taxes, I must file both a Federal K-1 with my US 1040 and State K-1 with my NJ 1040?
Shouldn't Bivio have prompted our treasurer to have done this if this is the case? Also, I've simply been sending in a copy of my federal K-1 for this online club with my state tax return since tax year 2008. The NJ Department of Taxation has never questioned it. Is it possible since I do my taxes in TurboTax, it simply transfers my Federal amount to my NJ income tax form and this is why it prompts me to supply a copy of my federal K-1 with my return? Keep in mind, I cannot file electronically for NJ due to a number of reasons.
I believe you are wrong, and Ira is correct. New Jersey requires a New Jersey state partnership return whenever there is a member who is a NJ resident, no matter where the club is based.
Rip west
ira smilovitz on
Stuart,
You do not need to submit a K-1 with your federal tax return. NJ requires a copy of either the federal K-1 or the NJK-1 with its personal income tax return.
So just to be clear, my online club needs to file a partnership return with NJ as well as with state in which it was originally established? Also, when filing my income taxes, I must file both a Federal K-1 with my US 1040 and State K-1 with my NJ 1040?
Shouldn't Bivio have prompted our treasurer to have done this if this is the case? Also, I've simply been sending in a copy of my federal K-1 for this online club with my state tax return since tax year 2008. The NJ Department of Taxation has never questioned it. Is it possible since I do my taxes in TurboTax, it simply transfers my Federal amount to my NJ income tax form and this is why it prompts me to supply a copy of my federal K-1 with my return? Keep in mind, I cannot file electronically for NJ due to a number of reasons.
I believe you are wrong, and Ira is correct. New Jersey requires a New Jersey state partnership return whenever there is a member who is a NJ resident, no matter where the club is based.
Rip west
ira smilovitz on
Mike,
Yes, both New York and New Jersey require a partnership return if any member of the partnership is a resident of that state. Nevada does not have a personal income tax, so no partnership return exists.
Ira Smilovitz
On Mon, Jun 1, 2015 at 7:05 PM, Mike Marr <mikem@ricks.com> wrote:
Hi Rip,
Is there a recourse where this info can be easily obtained? I am the treasurer for an online club that has new members from Texas, Florida, New York, New Jersey,
Nevada and Minnesota.
The club operates as a Minnesota Partnership and I have sent a partnership return every year. I have heard New York requires a partnership filing and you say
New Jersey does as well. Any idea if Nevada requires filing?
So just to be clear, my online club needs to file a partnership return with NJ as well as with state in which it was originally established? Also, when filing my income taxes, I must file both a Federal K-1
with my US 1040 and State K-1 with my NJ 1040?
Shouldn't Bivio have prompted our treasurer to have done this if this is the case? Also, I've simply been sending in a copy of my federal K-1 for this online club with my state tax return since tax year 2008.
The NJ Department of Taxation has never questioned it. Is it possible since I do my taxes in TurboTax, it simply transfers my Federal amount to my NJ income tax form and this is why it prompts me to supply a copy of my federal K-1 with my return? Keep in
mind, I cannot file electronically for NJ due to a number of reasons.
I believe you are wrong, and Ira is correct. New Jersey requires a New Jersey state partnership return
whenever there is a member who is a NJ resident, no matter where the club is based.
Rip west
Stuart Weissman on
Thanks Ira.
So we are 8 years delinquent in not filing a partnership return in the state of NJ. Perhaps because they got their fair share of revenue from the only NJ member of our club. Do you think we should go back and file 8 years of partnership returns to NJ or just start for tax year 2015? I understand if you can't answer this question. Would someone at Bivio want to weigh in? Our club will act on its own diligence either way.
Stuart Weissman
From: ira smilovitz <ira.smilovitz@gmail.com> To: "club_cafe@bivio.com" <club_cafe@bivio.com> Sent: Tuesday, June 2, 2015 10:48 AM Subject: Re: [club_cafe] Club membership
Stuart,
You do not need to submit a K-1 with your federal tax return. NJ requires a copy of either the federal K-1 or the NJK-1 with its personal income tax return.
So just to be clear, my online club needs to file a partnership return with NJ as well as with state in which it was originally established? Also, when filing my income taxes, I must file both a Federal K-1 with my US 1040 and State K-1 with my NJ 1040?
Shouldn't Bivio have prompted our treasurer to have done this if this is the case? Also, I've simply been sending in a copy of my federal K-1 for this online club with my state tax return since tax year 2008. The NJ Department of Taxation has never questioned it. Is it possible since I do my taxes in TurboTax, it simply transfers my Federal amount to my NJ income tax form and this is why it prompts me to supply a copy of my federal K-1 with my return? Keep in mind, I cannot file electronically for NJ due to a number of reasons.
I believe you are wrong, and Ira is correct. New Jersey requires a New Jersey state partnership return whenever there is a member who is a NJ resident, no matter where the club is based.
Rip west
ira smilovitz on
I would just start with 2015. I'm not an attorney, but it's not clear what legal authority any state has to enforce a filing requirement on an entity that isn't resident or operating within its jurisdiction.
So we are 8 years delinquent in not filing a partnership return in the state of NJ. Perhaps because they got their fair share of revenue from the only NJ member of our club. Do you think we should go back and file 8 years of partnership returns to NJ or just start for tax year 2015? I understand if you can't answer this question. Would someone at Bivio want to weigh in? Our club will act on its own diligence either way.
You do not need to submit a K-1 with your federal tax return. NJ requires a copy of either the federal K-1 or the NJK-1 with its personal income tax return.
So just to be clear, my online club needs to file a partnership return with NJ as well as with state in which it was originally established? Also, when filing my income taxes, I must file both a Federal K-1 with my US 1040 and State K-1 with my NJ 1040?
Shouldn't Bivio have prompted our treasurer to have done this if this is the case? Also, I've simply been sending in a copy of my federal K-1 for this online club with my state tax return since tax year 2008. The NJ Department of Taxation has never questioned it. Is it possible since I do my taxes in TurboTax, it simply transfers my Federal amount to my NJ income tax form and this is why it prompts me to supply a copy of my federal K-1 with my return? Keep in mind, I cannot file electronically for NJ due to a number of reasons.
I believe you are wrong, and Ira is correct. New Jersey requires a New Jersey state partnership return whenever there is a member who is a NJ resident, no matter where the club is based.
Rip west
Violet Argo on
Wow you are all over. Thank you for your quick reply, If you replied that means you may be interested in having more members? What would a membership require? When do you meet? What forum do you use to meet? Bivio software I presume? Is the club mixed male female? You have long-gevity, that is good and important to me. Do you all ever get to meet? I have many family members in West Palm Beach, lived there and went to college there.
I am the president of the Nationwide Investment Club and we are an online club. Currently we have 8 members with 2 in Florida, (West Palm and Pensacola,) along with members in Washington, New Jersey, Iowa, Louisiana, Illinois and Alabama. The club formed in 2008 to follow the Better Investing philosophy and we currently have about $33,000 in assets. So not the biggest club out there, but we think we have been successful.
The club I belonged to for 10 years closed about 5 years
ago. I am missing the club environment and would like to
join another. I live in Polk County Fl, but would not mind
joining a good online club also, any advise?
Violet Argo on
Wow you are all over. Thank you for your quick reply, If you replied that means you may be interested in having more members? What would a membership require? When do you meet? What forum do you use to meet? Bivio software I presume? Is the club mixed male female? You have long-gevity, that is good and important to me. Do you all ever get to meet? I have many family members in West Palm Beach, lived there and went to college there.
I am the president of the Nationwide Investment Club and we are an online club. Currently we have 8 members with 2 in Florida, (West Palm and Pensacola,) along with members in Washington, New Jersey, Iowa, Louisiana, Illinois and Alabama. The club formed in 2008 to follow the Better Investing philosophy and we currently have about $33,000 in assets. So not the biggest club out there, but we think we have been successful.
The club I belonged to for 10 years closed about 5 years
ago. I am missing the club environment and would like to
join another. I live in Polk County Fl, but would not mind
joining a good online club also, any advise?