It's now the 11th of March and the BIVIO tax message still says that PA tax returns will be available in early March. Any Idea when they really will be ready
Ira Our Operating Agreement (By Laws for an LLC) states "Regular meetings shall be held at noon at the first Tuesday of each month. Lunch shall precede the business meeting and shall be paid for by the Treasurer from Company Funds. Special meetings may be ...
Sorry, but you're wrong. You do not conduct "business" as that is defined in the tax code. Your lunch expenses are nondeductible. In fact, if you were a business and meeting like this, your meal expenses would still be nondeductible. Secondly, unless the location where ...
No, it's not being overly conservative. An investment club is not a business operation. It does not provide goods or services to others. Therefore, its deductions are limited to those that would be deductible for an individual making the same investments and those which are ...
I'm not sure why I would have referenced those pages with regard to (dis-)allowed expenses. Instead look at pages 35-37. The only deductible expenses are those that are directly related to the production of taxable income. Eating a meal isn't one of them. That's a ...
Investment clubs ARE hedge funds under NJ law. See the instructions for the NJ-1065. Ira Smilovitz In a message dated 03/08/08 1:42:45 P.M. Eastern Standard Time, nickp@bivio.com writes: Why is the box for Hedge Fund checked on my club's NJ tax return? I don't recall ...
What state? Not that it really matters. You can generally use any number you want as the percentage isn't used for anything. Ira Smilovitz In a message dated 03/08/08 11:56:10 A.M. Eastern Standard Time, kristabeem@bivio.com writes: Does anyone know what owndership percentage of capital gain/loss ...
Ira.. Several weeks ago you advised that meal expenses were not deductible and quoted IRS Pub 550, pages 26 & 27. I looked this over and couldn't find any reference to expensing. Could you please help me out on this? Arthur Klages, Treas. Senior Investment ...
You asked the same question yesterday and Jim Thomas replied. Unfortunately you do have to go back and find each of the transaction dates and enter them separately. I'm sure they're on your broker statements. As you state, you have the dividend date and the ...
I am writing for assistance regarding a problem with the switch over I am trying to complete. IOur club has been in existence for over 10 years and have been using CA3. I was hoping to be able to upload our club records but was ...
In a message dated 03/10/08 12:01:02 A.M. Eastern Daylight Time, etana_finkler@bivio.com writes: Ira and all, The total on the 510B does not match the total on page 4 of the 1065: Correct. It shouldn't match if there were any expenses on the 1065 or if ...
There is no such form as a 510B. If you mean Form 510, Schedule B then the answer is yes. Ira Smilovitz In a message dated 03/09/08 11:59:11 P.M. Eastern Daylight Time, etana_finkler@bivio.com writes: Do we have to fill out a 510B AND a 510 ...
Ira and all, The total on the 510B does not match the total on page 4 of the 1065: We added all the income on the K1, and put that in each member's Distributive share line. We looked at how it had been done last ...
Correct. You need to complete Schedule B, but you are not a business. You do not pay taxes to MD as a partnership. You don't complete Form 510 below line 4. Yes, your distributions of income to members in different states is irrelevant from the ...