We are located in NY , when would the state forms be
available ?
Thanks
' Anat Benjamin
Peter Dunkelberger on
I wonder if Bivio, or any of the other clubs, have particularly lucid explanations for opting out (or not) of the centralized partnership audit regime?
Peter Dunkelberger
On Thu, Feb 18, 2021 at 4:57 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
The tax program for NY will be released early next week.
If your club or any of your members live in NY, you will need to file a NY tax return.
You'll be able to generate it from the Accounting>Taxes page once it is released.
Laurie Frederiksen Invest with your friends! www.bivio.com
We are located in NY , when would the state forms be
available ?
Thanks
' Anat Benjamin
ira smilovitz on
Peter,
Just my personal opinion - not an official bivo opinion. CPAR was established to make it easier for the IRS to audit partnerships. Under CPAR, the partnership is notified of an audit, the agents meet with a representative of the partnership and reach a settlement. The settlement is binding on the partnership as it exists at the time of the settlement and any settlement will be paid from the partnership assets at the time the settlement is reached regardless of how far back the audited issue occurred. By opting out of CPAR, the IRS can inspect the partnership records, but must pursue collection from the partners individually and only from those who were partners at the time of the issue. This is much more tedious for the IRS. It is generally believed in the practitioner community that this will provide some shelter for smaller partnerships as the IRS is likely to devote its resources to areas where they can have the greatest impact.
To answer the unasked question, why can't clubs with trusts opt-out? Congress wrote the law the way it is. If I had to guess, I would suggest that there is a higher probability that partnership entities are misused to avoid taxation more often by other entities in a series of tiered and interlocking ownership. The IRS really wants to know who the ultimate entity is that will be reporting the income (hence the new questions on the K-1) so they can track the reporting of income. By forcing all partnerships with "non-person" partners into CPAR, Congress made the IRS's job easier.
I wonder if Bivio, or any of the other clubs, have particularly lucid explanations for opting out (or not) of the centralized partnership audit regime?
Peter Dunkelberger
On Thu, Feb 18, 2021 at 4:57 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
The tax program for NY will be released early next week.
If your club or any of your members live in NY, you will need to file a NY tax return.
You'll be able to generate it from the Accounting>Taxes page once it is released.
Laurie Frederiksen Invest with your friends! www.bivio.com
We are located in NY , when would the state forms be
available ?
Thanks
' Anat Benjamin
Peter Dunkelberger on
Thanks Ira. That is kind of the answer I got when I was looking at the Federal Register. I realize the IRS job is not easy, but it should not be. Your response is the clear answer I wanted.
Just my personal opinion - not an official bivo opinion. CPAR was established to make it easier for the IRS to audit partnerships. Under CPAR, the partnership is notified of an audit, the agents meet with a representative of the partnership and reach a settlement. The settlement is binding on the partnership as it exists at the time of the settlement and any settlement will be paid from the partnership assets at the time the settlement is reached regardless of how far back the audited issue occurred. By opting out of CPAR, the IRS can inspect the partnership records, but must pursue collection from the partners individually and only from those who were partners at the time of the issue. This is much more tedious for the IRS. It is generally believed in the practitioner community that this will provide some shelter for smaller partnerships as the IRS is likely to devote its resources to areas where they can have the greatest impact.
To answer the unasked question, why can't clubs with trusts opt-out? Congress wrote the law the way it is. If I had to guess, I would suggest that there is a higher probability that partnership entities are misused to avoid taxation more often by other entities in a series of tiered and interlocking ownership. The IRS really wants to know who the ultimate entity is that will be reporting the income (hence the new questions on the K-1) so they can track the reporting of income. By forcing all partnerships with "non-person" partners into CPAR, Congress made the IRS's job easier.
I wonder if Bivio, or any of the other clubs, have particularly lucid explanations for opting out (or not) of the centralized partnership audit regime?
Peter Dunkelberger
On Thu, Feb 18, 2021 at 4:57 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
The tax program for NY will be released early next week.
If your club or any of your members live in NY, you will need to file a NY tax return.
You'll be able to generate it from the Accounting>Taxes page once it is released.
Laurie Frederiksen Invest with your friends! www.bivio.com
Thanks Ira. That is kind of the answer I got when I was looking at the Federal Register. I realize the IRS job is not easy, but it should not be. Your response is the clear answer I wanted.
Just my personal opinion - not an official bivo opinion. CPAR was established to make it easier for the IRS to audit partnerships. Under CPAR, the partnership is notified of an audit, the agents meet with a representative of the partnership and reach a settlement. The settlement is binding on the partnership as it exists at the time of the settlement and any settlement will be paid from the partnership assets at the time the settlement is reached regardless of how far back the audited issue occurred. By opting out of CPAR, the IRS can inspect the partnership records, but must pursue collection from the partners individually and only from those who were partners at the time of the issue. This is much more tedious for the IRS. It is generally believed in the practitioner community that this will provide some shelter for smaller partnerships as the IRS is likely to devote its resources to areas where they can have the greatest impact.
To answer the unasked question, why can't clubs with trusts opt-out? Congress wrote the law the way it is. If I had to guess, I would suggest that there is a higher probability that partnership entities are misused to avoid taxation more often by other entities in a series of tiered and interlocking ownership. The IRS really wants to know who the ultimate entity is that will be reporting the income (hence the new questions on the K-1) so they can track the reporting of income. By forcing all partnerships with "non-person" partners into CPAR, Congress made the IRS's job easier.
I wonder if Bivio, or any of the other clubs, have particularly lucid explanations for opting out (or not) of the centralized partnership audit regime?
Peter Dunkelberger
On Thu, Feb 18, 2021 at 4:57 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
The tax program for NY will be released early next week.
If your club or any of your members live in NY, you will need to file a NY tax return.
You'll be able to generate it from the Accounting>Taxes page once it is released.
Laurie Frederiksen Invest with your friends! www.bivio.com
We are located in NY , when would the state forms be
available ?
Thanks
' Anat Benjamin
Peter Dunkelberger on
Check the "yes" box for the question in the 1065 that asks if the partnership is opting out. Actually the process of completing the 1065 in Bivio asks that and completes the question for you.
Thanks Ira. That is kind of the answer I got when I was looking at the Federal Register. I realize the IRS job is not easy, but it should not be. Your response is the clear answer I wanted.
Just my personal opinion - not an official bivo opinion. CPAR was established to make it easier for the IRS to audit partnerships. Under CPAR, the partnership is notified of an audit, the agents meet with a representative of the partnership and reach a settlement. The settlement is binding on the partnership as it exists at the time of the settlement and any settlement will be paid from the partnership assets at the time the settlement is reached regardless of how far back the audited issue occurred. By opting out of CPAR, the IRS can inspect the partnership records, but must pursue collection from the partners individually and only from those who were partners at the time of the issue. This is much more tedious for the IRS. It is generally believed in the practitioner community that this will provide some shelter for smaller partnerships as the IRS is likely to devote its resources to areas where they can have the greatest impact.
To answer the unasked question, why can't clubs with trusts opt-out? Congress wrote the law the way it is. If I had to guess, I would suggest that there is a higher probability that partnership entities are misused to avoid taxation more often by other entities in a series of tiered and interlocking ownership. The IRS really wants to know who the ultimate entity is that will be reporting the income (hence the new questions on the K-1) so they can track the reporting of income. By forcing all partnerships with "non-person" partners into CPAR, Congress made the IRS's job easier.
I wonder if Bivio, or any of the other clubs, have particularly lucid explanations for opting out (or not) of the centralized partnership audit regime?
Peter Dunkelberger
On Thu, Feb 18, 2021 at 4:57 PM Laurie Frederiksen <laurie@bivio.biz> wrote:
The tax program for NY will be released early next week.
If your club or any of your members live in NY, you will need to file a NY tax return.
You'll be able to generate it from the Accounting>Taxes page once it is released.
Laurie Frederiksen Invest with your friends! www.bivio.com
We are located in NY , when would the state forms be
available ?
Thanks
' Anat Benjamin
Laurie Frederiksen on
When you take the partnership tax interview, you will be asked whether all the members of your club are individuals.
You enter yes for that question if they are and no if you have any members who are listed on your club roster as Trusts.
If you answer yes, you will be taken to a page where you can select to "opt out" of the CPAR requirement. It is not initially marked. You need to check it yourself.
If you answer no to the original question, you are taken to pages where you need to identify which members are trusts, and then to pages where you'll enter beneficial ownership information for the trusts (actual member names and tax ID's versus trust name and tax ID)
You will also be taken to a page where you will need to identify a "Partnership Representative". Clubs with trusts as members cannot "Opt out" of the CPAR audit requirements.
Laurie Frederiksen Invest with your friends! www.bivio.com
I just went through the 6 step process for doing the taxes that has been put together by Bivio.
Our taxes are now complete and ready to submit. It was an easy process with the auditing of the broker's account and the Bivio account. We were able to fly through it all.
Thank you Bivio.
Amy Carlson
ItsRelative Investment Club
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Laurie Frederiksen Sent: Friday, February 19, 2021 5:35 AM To: The Club Cafe <club_cafe@bivio.com> Subject: [club_cafe] Fwd: [club_cafe] State NY tax documents
When you take the partnership tax interview, you will be asked whether all the members of your club are individuals.
You enter yes for that question if they are and no if you have any members who are listed on your club roster as Trusts.
If you answer yes, you will be taken to a page where you can select to "opt out" of the CPAR requirement. It is not initially marked. You need to check it yourself.
If you answer no to the original question, you are taken to pages where you need to identify which members are trusts, and then to pages where you'll enter beneficial ownership information for the trusts (actual member names and tax ID's versus trust name and tax ID)
You will also be taken to a page where you will need to identify a "Partnership Representative". Clubs with trusts as members cannot "Opt out" of the CPAR audit requirements.
Laurie Frederiksen Invest with your friends! www.bivio.com
Who's your broker? Seems we wait forever for the 1099 from Folio.
Kim Potter
On Sunday, February 21, 2021, 01:16:33 PM EST, Amy - Personal via bivio.com <user*31169100001@bivio.com> wrote:
Kudos to Bivio.
I just went through the 6 step process for doing the taxes that has been put together by Bivio.
Our taxes are now complete and ready to submit. It was an easy process with the auditing of the broker's account and the Bivio account. We were able to fly through it all.
Thank you Bivio.
Amy Carlson
ItsRelative Investment Club
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Laurie Frederiksen Sent: Friday, February 19, 2021 5:35 AM To: The Club Cafe <club_cafe@bivio.com> Subject: [club_cafe] Fwd: [club_cafe] State NY tax documents
When you take the partnership tax interview, you will be asked whether all the members of your club are individuals.
You enter yes for that question if they are and no if you have any members who are listed on your club roster as Trusts.
If you answer yes, you will be taken to a page where you can select to "opt out" of the CPAR requirement. It is not initially marked. You need to check it yourself.
If you answer no to the original question, you are taken to pages where you need to identify which members are trusts, and then to pages where you'll enter beneficial ownership information for the trusts (actual member names and tax ID's versus trust name and tax ID)
You will also be taken to a page where you will need to identify a "Partnership Representative". Clubs with trusts as members cannot "Opt out" of the CPAR audit requirements.
Laurie Frederiksen Invest with your friends! www.bivio.com
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Mike & Kim Potter via bivio.com Sent: Sunday, February 21, 2021 12:43 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] Fwd: [club_cafe] State NY tax documents
Who's your broker? Seems we wait forever for the 1099 from Folio.
Kim Potter
On Sunday, February 21, 2021, 01:16:33 PM EST, Amy - Personal via bivio.com <user*31169100001@bivio.com> wrote:
Kudos to Bivio.
I just went through the 6 step process for doing the taxes that has been put together by Bivio.
Our taxes are now complete and ready to submit. It was an easy process with the auditing of the broker's account and the Bivio account. We were able to fly through it all.
When you take the partnership tax interview, you will be asked whether all the members of your club are individuals.
You enter yes for that question if they are and no if you have any members who are listed on your club roster as Trusts.
If you answer yes, you will be taken to a page where you can select to "opt out" of the CPAR requirement. It is not initially marked. You need to check it yourself.
If you answer no to the original question, you are taken to pages where you need to identify which members are trusts, and then to pages where you'll enter beneficial ownership information for the trusts (actual member names and tax ID's versus trust name and tax ID)
You will also be taken to a page where you will need to identify a "Partnership Representative". Clubs with trusts as members cannot "Opt out" of the CPAR audit requirements.
Laurie Frederiksen Invest with your friends! www.bivio.com
I just went through the 6 step process for doing the taxes that has been put together by Bivio.
Our taxes are now complete and ready to submit. It was an easy process with the auditing of the broker's account and the Bivio account. We were able to fly through it all.
When you take the partnership tax interview, you will be asked whether all the members of your club are individuals.
You enter yes for that question if they are and no if you have any members who are listed on your club roster as Trusts.
If you answer yes, you will be taken to a page where you can select to "opt out" of the CPAR requirement. It is not initially marked. You need to check it yourself.
If you answer no to the original question, you are taken to pages where you need to identify which members are trusts, and then to pages where you'll enter beneficial ownership information for the trusts (actual member names and tax ID's versus trust name and tax ID)
You will also be taken to a page where you will need to identify a "Partnership Representative". Clubs with trusts as members cannot "Opt out" of the CPAR audit requirements.
Laurie Frederiksen Invest with your friends! www.bivio.com
I just went through the 6 step process for doing the taxes that has been put together by Bivio.
Our taxes are now complete and ready to submit. It was an easy process with the auditing of the broker's account and the Bivio account. We were able to fly through it all.
When you take the partnership tax interview, you will be asked whether all the members of your club are individuals.
You enter yes for that question if they are and no if you have any members who are listed on your club roster as Trusts.
If you answer yes, you will be taken to a page where you can select to "opt out" of the CPAR requirement. It is not initially marked. You need to check it yourself.
If you answer no to the original question, you are taken to pages where you need to identify which members are trusts, and then to pages where you'll enter beneficial ownership information for the trusts (actual member names and tax ID's versus trust name and tax ID)
You will also be taken to a page where you will need to identify a "Partnership Representative". Clubs with trusts as members cannot "Opt out" of the CPAR audit requirements.
Laurie Frederiksen Invest with your friends! www.bivio.com
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Mike & Kim Potter via bivio.com Sent: Sunday, February 21, 2021 1:43 PM To: club_cafe@bivio.com Subject: Re: [club_cafe] Fwd: [club_cafe] State NY tax documents
Who's your broker? Seems we wait forever for the 1099 from Folio.
Kim Potter
On Sunday, February 21, 2021, 01:16:33 PM EST, Amy - Personal via bivio.com <user*31169100001@bivio.com> wrote:
Kudos to Bivio.
I just went through the 6 step process for doing the taxes that has been put together by Bivio.
Our taxes are now complete and ready to submit. It was an easy process with the auditing of the broker's account and the Bivio account. We were able to fly through it all.
When you take the partnership tax interview, you will be asked whether all the members of your club are individuals.
You enter yes for that question if they are and no if you have any members who are listed on your club roster as Trusts.
If you answer yes, you will be taken to a page where you can select to "opt out" of the CPAR requirement. It is not initially marked. You need to check it yourself.
If you answer no to the original question, you are taken to pages where you need to identify which members are trusts, and then to pages where you'll enter beneficial ownership information for the trusts (actual member names and tax ID's versus trust name and tax ID)
You will also be taken to a page where you will need to identify a "Partnership Representative". Clubs with trusts as members cannot "Opt out" of the CPAR audit requirements.
Laurie Frederiksen Invest with your friends! www.bivio.com
From: club_cafe@bivio.com <club_cafe@bivio.com> On Behalf Of Connie Humble via bivio.com Sent: Monday, February 22, 2021 11:33 AM To: club_cafe@bivio.com Subject: RE: [club_cafe] Fwd: [club_cafe] State NY tax documents
Who's your broker? Seems we wait forever for the 1099 from Folio.
Kim Potter
On Sunday, February 21, 2021, 01:16:33 PM EST, Amy - Personal via bivio.com <user*31169100001@bivio.com> wrote:
Kudos to Bivio.
I just went through the 6 step process for doing the taxes that has been put together by Bivio.
Our taxes are now complete and ready to submit. It was an easy process with the auditing of the broker's account and the Bivio account. We were able to fly through it all.
When you take the partnership tax interview, you will be asked whether all the members of your club are individuals.
You enter yes for that question if they are and no if you have any members who are listed on your club roster as Trusts.
If you answer yes, you will be taken to a page where you can select to "opt out" of the CPAR requirement. It is not initially marked. You need to check it yourself.
If you answer no to the original question, you are taken to pages where you need to identify which members are trusts, and then to pages where you'll enter beneficial ownership information for the trusts (actual member names and tax ID's versus trust name and tax ID)
You will also be taken to a page where you will need to identify a "Partnership Representative". Clubs with trusts as members cannot "Opt out" of the CPAR audit requirements.
Laurie Frederiksen Invest with your friends! www.bivio.com