Alert about security type, country, taxes

Changing the listed country for a security, requires a few steps.

  • First, if you aren't sure whether the company is foreign or domestic, or if you want to check what country it is based in:
  • Go to Accounting > Securities
  • Click the small myICLUB logo next to the ticker symbol of any security listed there. The site will take you to a Stock Quotes/Information page
  • On this page, check the company information section and note which country is named next to the Domiciled entry; that's the country we suggest to use. Some companies may have a different entry for Primary Business or Headquarters. Primary business can be ignored in this case, since it is only a measure of where the company reports most of their earnings are coming from. Headquarters may seem like a good choice, but ICLUBcentral's Doug Gerlach offers the following advice:

Usually, determining which country to choose will be very straightforward, but there are many countries that offer advantages to corporations and are used for registration by many businesses, so this can cloud the answer to the question “where is a company located?” for reporting on IRS forms. For instance, many “Chinese” corporations are incorporated in the Cayman Islands though they have little or no operations in that country. For this reason we suggest using the country listed next to the 'Domiciled' entry.

Once you have determined the correct country:

  • Go to Accounting > Securities > Update security settings.
  • Click the Pencil/Edit button next to the security you need to change.
  • Click the Country drop-down menu, under the Advanced Settings heading, to see a list of all available countries.
  • Find and click the correct country, then click the *Submit* button, to save that change.