How do I prepare my taxes?
If you are using the desktop Club Accounting 3, select the correct tax printer from the Taxes menu.
If you are using the online accounting at myiclub.com, go to the Taxes tab, and then click Run next to the correct tax printer.
Follow the steps for your tax printer, and it will produce .pdf copies of your:
- Form 1065 (including Schedule D, supporting schedules for Schedule K)
- Schedule K-1 (one for each partner)
- Send one Form 1065 to the IRS, at one of the distribution centers, and keep one for club records.
- Print 3 copies of each Schedule K-1.
- Send one copy of each Schedule K-1 to the IRS
- Keep one copy of each for the club
- Give the third to the appropriate partner.