Possible Foreign Tax Implications

MICHAEL BORELLI on

My club is formed in Colorado and has only domestic members. I have a US citizen who currently resides in the Netherlands for work (may be permanent) and is very interested in joining the club. Would I have to worry about any foreign tax implications?

ira smilovitz on

There would be no tax consequences for the club if it added a US citizen living abroad.

Ira Smilovitz, EA

On Tue, Mar 2, 2021 at 11:26 PM MICHAEL BORELLI via bivio.com <user*38528800001@bivio.com> wrote:

My club is formed in Colorado and has only domestic members. I have a US citizen who currently resides in the Netherlands for work (may be permanent) and is very interested in joining the club. Would I have to worry about any foreign tax implications?

Lucile Sorrells on

Do we sign twice on the 1065? Once on the first page and then on the 3rd page for Partnership Representative? I can't remember?

On Wed, Mar 3, 2021 at 9:56 AM ira smilovitz via bivio.com <user*2883400001@bivio.com> wrote:

There would be no tax consequences for the club if it added a US citizen living abroad.

Ira Smilovitz, EA

On Tue, Mar 2, 2021 at 11:26 PM MICHAEL BORELLI via bivio.com <user*38528800001@bivio.com> wrote:
My club is formed in Colorado and has only domestic members. I have a US citizen who currently resides in the Netherlands for work (may be permanent) and is very interested in joining the club. Would I have to worry about any foreign tax implications?

MICHAEL BORELLI on

I believe you would sign for the partner representative, only if you did not elect out of the centralized partnership audit regime.

Laurie Frederiksen on

That is not right.

You only sign on the front page of the form 1065 where it says "Sign here".

You do not sign anywhere else.

Laurie Frederiksen
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On Wed, Mar 3, 2021 at 11:55 AM MICHAEL BORELLI via bivio.com <user*38528800001@bivio.com> wrote:

I believe you would sign for the partner representative, only if you did not elect out of the centralized partnership audit regime.

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