myICLUB Club Tax works using your Club data performing certain calculations, and then generating tax forms with these calculated values. The program does not alter your original club data stored within, although you may want to make a back-up of your data before running myICLUB Club Tax. To properly use this program, you must make sure your accounting records are up-to-date.
The following steps describe how to use myICLUB Club Tax. If you are looking for where to send the forms once they are completed, please see our Where do I file the tax forms FAQ.
Before generating your tax forms, you should make sure that your club accounting data is properly prepared. It is recommended that you wait until you have all the necessary data and have performed a reconciliation of all the partnership accounts before completing your taxes. Necessary data includes your year-end broker's statement, year-end bank statement, all buys, sells, dividends, interest, and service charges through Dec. 31. Once you have all the necessary data and have performed a reconciliation, close out the books for the year:
Detailed help can be found on the IRS website's partnership page:
https://www.irs.gov/businesses/partnerships/index.html
Club Name: The complete legal name of your club.
Founding Date (mm/dd/yy): The date your club was founded.
Club tax ID (EIN): The treasurer should have your clubs Tax ID number.
Legal mailing address of club: Enter your clubs legal address, as it is registered with the Federal Government.
1. Type of partnership:
---Most clubs are formed as general partnerships.
2. Did any individual or estate own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership.
Before selecting Yes or No, be aware of partnership constructive ownership rules. An individual is considered to own an interest owned directly or indirectly by or for his or her family. The family of an individual includes only that individual's spouse, brothers, sisters, ancestors, and lineal descendants.
Note that for tax purposes a Trust is normally considered to be a separate individual, and not part of a family, even if it was established by a family member.
If you select Yes, fill out, manually, the information requested in Part II of Form 1065 Schedule B-1.
3. Is this partnership a publicly traded partnership as defined in section 469
---Mark appropriately. Most clubs will select No.
4. Did the partnership file Form 8893, Election of Partnership Level Tax Treatment, or an election statement under section 6231(a)(1)(B)(ii) for partnership-level tax treatment, that is in effect for this tax year
---If your club had ten or fewer partners throughout the tax year (husband and wife counts as one partner; with no partners being non-resident aliens, a C corporation, or the estate of a deceased partner), you may elect to answer Yes to this question. If you select yes, Form 8893 will be generated by the software (file with your return when complete), also enter your designated TMP information below. (If you previously filed Form 8893 with the IRS, check the box, enter your TMP information, but do not file another form 8893.) You may also choose not to make this election, see IRS 1065 instructions page 20 for more detail.
---If your club had more than ten partners at any time during the tax year (see guidelines above) then your club is already subject to Partnership Level Tax Treatment and would answer 'No', but may still provide the name of your club's designated TMP below, if desired (usually the Treasurer).
5. Does the partnership satisfy all four of the following conditions
---Mark appropriately. Most clubs will select Yes.
6. During the tax year, did the partnership have any debt that was cancelled, was forgiven, or had the terms modified so as to reduce the principal amount of the debt
---Mark appropriately. Most clubs will select No.
7. At any time during the tax year, did the partnership distribute to any partner a tenancy-in-common or other undivided interest in partnership property
---Mark appropriately. Most clubs will select No.
8. At any time during the calendar year, did the partnership have an interest in or a signature or other authority over a financial account in a foreign country (such as a bank account, securities account or other financial account)
---See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes" enter the name of the foreign country in the text box.
9. If the partnership is required to file Form 8858, Information Return of U.S. Persons With Respect To Foreign Disregarded Entities, enter the number of Forms 8858 attached:
---Mark appropriately. Most clubs will leave this unchecked.
10. Does the partnership have any foreign partners If "Yes", enter the number of Forms 8805, Foreign Partner's Information Statement of Section 1446 Withholding Tax, filed for this partnership:
---Mark appropriately. Most clubs will answer No.
11. Enter the number of Forms 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, attached to this return:
---Mark appropriately. Most clubs will leave this blank.
There are now only two IRS centers for partnership returns. More information is located on page 4 of the IRS instructions for Form 1065.
Your IRS Center: Self-explanatory.
Starting in 2012 the IRS asked clubs to compare their recorded cost basis against the cost basis reported by the broker for any stocks that were sold during the year.
For each block of shares sold, clubs will need to either:
It's now time to generate your tax forms in PDF format.
Click Continue to generate the forms. ---Your forms will be generated and you can view/print them after step 7.
Click Continue to view a listing of your forms. If you do not have the Adobe Acrobat Reader program for readingPDF files please download Adobe Reader from the Adobe web site at:https://www.adobe.com/downloads/