When I go through the questions to prepare for the taxes, it shows the club registered with me with my address. Our club is made up of relatives in different states. Our treasurer is in a different state with a different address. Is it ok for her to sign the tax return and send it in, or do I have to sign it?
Once I have the answer to this question I am prepared to file the taxes.
Amy Carlson
Itsrelative
From: club_cafe@bivio.com [mailto:club_cafe@bivio.com] On Behalf Of Rich Hill via bivio.com Sent: Sunday, February 16, 2020 2:45 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] Tax question
Amy,
You will want to click on the link shown - "IRS Audit Procedures, Our Recommendations" and read the posting from bivio in regards to this issue and their recommendation. Note that to ensure that you qualify to choose this option (generally desired), there are changes that should have been made to your partnership agreement. Also, take a look at your 1065 form for 2018, line 25 and see how you answered this question last year.
Rich Hill Treasurer, Book Readers Investment Group
On 2/16/2020 5:04 PM, Amy Carlson via bivio.com wrote:
The bivio tax software is designed to automatically select the person taking the interview as the person who will sign the return. You have two choices:
1) After you are satisfied that the return is otherwise correct, have the person who will sign the return retake the interview without changing any of the answers. Her/His name will replace yours as the signing member.
2) Use white-out or download page 3 of Form 1965 from the irs website and make the desired changes and replace the bivio-generated page 3 with the desired information.
When I go through the questions to prepare for the taxes, it shows the club registered with me with my address. Our club is made up of relatives in different states. Our treasurer is in a different state with a different address. Is it ok for her to sign the tax return and send it in, or do I have to sign it?
Once I have the answer to this question I am prepared to file the taxes.
You will want to click on the link shown - "IRS Audit Procedures, Our Recommendations" and read the posting from bivio in regards to this issue and their recommendation. Note that to ensure that you qualify to choose this option (generally desired), there are changes that should have been made to your partnership agreement. Also, take a look at your 1065 form for 2018, line 25 and see how you answered this question last year.
Rich Hill Treasurer, Book Readers Investment Group
On 2/16/2020 5:04 PM, Amy Carlson via bivio.com wrote:
Sorry for a bit of confusion. My previous answer was meant to refer to the choice of a partnership representative (and how to change it) for clubs that don't/csn't opt out of the Centralized Partnership Audit Regime. The club address on page 1 will be pulled from the Club information stored within bivio. Anyone who is authorized by the club (typically the treasurer, but it could be any general partner) can sign the return.
The bivio tax software is designed to automatically select the person taking the interview as the person who will sign the return. You have two choices:
1) After you are satisfied that the return is otherwise correct, have the person who will sign the return retake the interview without changing any of the answers. Her/His name will replace yours as the signing member.
2) Use white-out or download page 3 of Form 1965 from the irs website and make the desired changes and replace the bivio-generated page 3 with the desired information.
When I go through the questions to prepare for the taxes, it shows the club registered with me with my address. Our club is made up of relatives in different states. Our treasurer is in a different state with a different address. Is it ok for her to sign the tax return and send it in, or do I have to sign it?
Once I have the answer to this question I am prepared to file the taxes.
You will want to click on the link shown - "IRS Audit Procedures, Our Recommendations" and read the posting from bivio in regards to this issue and their recommendation. Note that to ensure that you qualify to choose this option (generally desired), there are changes that should have been made to your partnership agreement. Also, take a look at your 1065 form for 2018, line 25 and see how you answered this question last year.
Rich Hill Treasurer, Book Readers Investment Group
On 2/16/2020 5:04 PM, Amy Carlson via bivio.com wrote:
Sorry for a bit of confusion. My previous answer was meant to refer to the choice of a partnership representative (and how to change it) for clubs that don't/csn't opt out of the Centralized Partnership Audit Regime. The club address on page 1 will be pulled from the Club information stored within bivio. Anyone who is authorized by the club (typically the treasurer, but it could be any general partner) can sign the return.
The bivio tax software is designed to automatically select the person taking the interview as the person who will sign the return. You have two choices:
1) After you are satisfied that the return is otherwise correct, have the person who will sign the return retake the interview without changing any of the answers. Her/His name will replace yours as the signing member.
2) Use white-out or download page 3 of Form 1965 from the irs website and make the desired changes and replace the bivio-generated page 3 with the desired information.
When I go through the questions to prepare for the taxes, it shows the club registered with me with my address. Our club is made up of relatives in different states. Our treasurer is in a different state with a different address. Is it ok for her to sign the tax return and send it in, or do I have to sign it?
Once I have the answer to this question I am prepared to file the taxes.
You will want to click on the link shown - "IRS Audit Procedures, Our Recommendations" and read the posting from bivio in regards to this issue and their recommendation. Note that to ensure that you qualify to choose this option (generally desired), there are changes that should have been made to your partnership agreement. Also, take a look at your 1065 form for 2018, line 25 and see how you answered this question last year.
Rich Hill Treasurer, Book Readers Investment Group
On 2/16/2020 5:04 PM, Amy Carlson via bivio.com wrote:
Sorry for a bit of confusion. My previous answer was meant to refer to the choice of a partnership representative (and how to change it) for clubs that don't/csn't opt out of the Centralized Partnership Audit Regime. The club address on page 1 will be pulled from the Club information stored within bivio. Anyone who is authorized by the club (typically the treasurer, but it could be any general partner) can sign the return.
The bivio tax software is designed to automatically select the person taking the interview as the person who will sign the return. You have two choices:
1) After you are satisfied that the return is otherwise correct, have the person who will sign the return retake the interview without changing any of the answers. Her/His name will replace yours as the signing member.
2) Use white-out or download page 3 of Form 1965 from the irs website and make the desired changes and replace the bivio-generated page 3 with the desired information.
When I go through the questions to prepare for the taxes, it shows the club registered with me with my address. Our club is made up of relatives in different states. Our treasurer is in a different state with a different address. Is it ok for her to sign the tax return and send it in, or do I have to sign it?
Once I have the answer to this question I am prepared to file the taxes.
You will want to click on the link shown - "IRS Audit Procedures, Our Recommendations" and read the posting from bivio in regards to this issue and their recommendation. Note that to ensure that you qualify to choose this option (generally desired), there are changes that should have been made to your partnership agreement. Also, take a look at your 1065 form for 2018, line 25 and see how you answered this question last year.
Rich Hill Treasurer, Book Readers Investment Group
On 2/16/2020 5:04 PM, Amy Carlson via bivio.com wrote:
Sorry for a bit of confusion. My previous answer was meant to refer to the choice of a partnership representative (and how to change it) for clubs that don't/csn't opt out of the Centralized Partnership Audit Regime. The club address on page 1 will be pulled from the Club information stored within bivio. Anyone who is authorized by the club (typically the treasurer, but it could be any general partner) can sign the return.
The bivio tax software is designed to automatically select the person taking the interview as the person who will sign the return. You have two choices:
1) After you are satisfied that the return is otherwise correct, have the person who will sign the return retake the interview without changing any of the answers. Her/His name will replace yours as the signing member.
2) Use white-out or download page 3 of Form 1965 from the irs website and make the desired changes and replace the bivio-generated page 3 with the desired information.
When I go through the questions to prepare for the taxes, it shows the club registered with me with my address. Our club is made up of relatives in different states. Our treasurer is in a different state with a different address. Is it ok for her to sign the tax return and send it in, or do I have to sign it?
Once I have the answer to this question I am prepared to file the taxes.
You will want to click on the link shown - "IRS Audit Procedures, Our Recommendations" and read the posting from bivio in regards to this issue and their recommendation. Note that to ensure that you qualify to choose this option (generally desired), there are changes that should have been made to your partnership agreement. Also, take a look at your 1065 form for 2018, line 25 and see how you answered this question last year.
Rich Hill Treasurer, Book Readers Investment Group
On 2/16/2020 5:04 PM, Amy Carlson via bivio.com wrote:
I suggest you read the "opt out requirements" link. It
provides guidance about what will disqualify a club from
opting out. As long as your club meets the requirements, it
doesn't matter whether those requirements are in your
partnership agreement.
However, out of an abundance of caution, the bivio suggested
agreement contains paragraph 18, which prohibits membership
by entities that would make the club ineligible to opt out.
The most significant one is prohibiting individuals from
using a revocable, living trust to take legal ownership in
the partnership. Many folks use a revocable, living trust to
avoid probate. Your club will need to decide whether such a
restriction will have an impact on current or potential
membership versus wanting to have the option to opt out.
Jack Ranby, Treasurer
Grants Partners Investment Club
Lucile Sorrells on
Thanks we are good then.
On Wed, Feb 19, 2020 at 6:17 PM John W Ranby Trustee PGM Cariboo Trust via bivio.com <user*15792700001@bivio.com> wrote:
Lucile:
I suggest you read the "opt out requirements" link. It
provides guidance about what will disqualify a club from
opting out. As long as your club meets the requirements, it
doesn't matter whether those requirements are in your
partnership agreement.
However, out of an abundance of caution, the bivio suggested
agreement contains paragraph 18, which prohibits membership
by entities that would make the club ineligible to opt out.
The most significant one is prohibiting individuals from
using a revocable, living trust to take legal ownership in
the partnership. Many folks use a revocable, living trust to
avoid probate. Your club will need to decide whether such a
restriction will have an impact on current or potential
membership versus wanting to have the option to opt out.
Jack Ranby, Treasurer
Grants Partners Investment Club
John Rice on
It states "A nominee or other similar person that holds an interest on behalf of another person." I assume that this includes a custodial account (UTMA)?
On Wed, Feb 19, 2020 at 6:17 PM John W Ranby Trustee PGM Cariboo Trust via bivio.com <user*15792700001@bivio.com> wrote:
Lucile:
I suggest you read the "opt out requirements" link. It
provides guidance about what will disqualify a club from
opting out. As long as your club meets the requirements, it
doesn't matter whether those requirements are in your
partnership agreement.
However, out of an abundance of caution, the bivio suggested
agreement contains paragraph 18, which prohibits membership
by entities that would make the club ineligible to opt out.
The most significant one is prohibiting individuals from
using a revocable, living trust to take legal ownership in
the partnership. Many folks use a revocable, living trust to
avoid probate. Your club will need to decide whether such a
restriction will have an impact on current or potential
membership versus wanting to have the option to opt out.
Jack Ranby, Treasurer
Grants Partners Investment Club