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Toolkit 6
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Club Fundamentals
FAQ notes relating to non-technical questions about clubs
Where do the Form 1065, schedule D, and K-1 entries come from in Club Accounting?
How do we handle a "non-dividend distribution"?
Who needs to file tax returns?
When should I prepare my taxes?
How do I close my books for the year?
Where do I file the tax forms?
When will myICLUB Club Tax software be available?
How do I dissolve or disband my club?
Record a Merger in myICLUB.com
Record a Spinoff in myICLUB.com
Record a Stock Split in myICLUB.com
How can we perform a club audit?
Why do I need to choose what cost basis was or was not reported, when working on the club's taxes?
How can I tell if a dividend is qualified or not?
Record a Foreign Tax transaction in myICLUB.com
What is Compound Annual Return (CAR) and how is it calculated?
Finding files after downloading.
Adding companies to the Watch List
What are Record Date and Ex-div (Ex-dividend) date, and how do they relate to Trade date and Settlement Date?
Can I use ICLUBcentral programs, sites or services on a Mac, or iPad?
Wash Sales
Before your next meeting
After your next meeting
Finding Stock Split information
Handling BetterInvesting (BI) Dues
How to change, remove or delete a transaction
Can members pay ahead ?
Can a new member join a club at the same value as all the other members?
What is counted as an investment expense?
How do we handle shares owned through a broker and directly with a company?
Cost Basis of Transferred Securities in a withdrawal
Entering a withdrawal using the ICLUBcentral accounting system.
Supported and Unsupported Securities and Transactions
How to handle an ADR management fee , Foreign transaction tax, Foreign Financial Transaction Fee
Size Diversification Reports
One of our member's payment checks bounced and the club was charged an “insufficient funds” fee.
Record a Merger plus Cash transaction
Money or shares received after disbanding
Editing or removing transactions
Finding and correcting issues when the bank or broker balance is more than a few cents out of balance
Valuation dates do not show in myiclub.com reports
Specific stock prices are zero (0.00) on the portfolio screen or valuation.
Adjusting reclassified Dividends
Revocable Trusts in Club Accounting
View/Edit Transactions
Monthly Report
Pre-Meeting Wizard
Post-Meeting Wizard
Investment Partnership Accounting for Canadian Members in a U.S.-Based Investment Club
Basis of Securities Transferred to a Partner in a Partial or Full Liquidation of the Partner’s Interest in an Investing Partnership.
Key Accounting Differences Between myICLUB.com and Bivio
My Watch List Stocks
Club Members in Different States
Corporate Transparency Act - New Federal Reporting Requirements for LLCs and LLPs in 2024
Why does BetterInvesting / ICLUBcentral / myICLUB require we enter SSN in myICLUB?
Members paying directly to a club bank or broker
Corporate Transparency Act / beneficial ownership information (BOI)
Why we advise against using a Dividend Reinvestment Plan (DRIP)
Steps when switching brokers - change broker - new broker - change brokerage
Foreign tax reclaim adjustment
An explanation of Compound Annual Return (CAR) as used in myICLUB.com
Member Payment Cents Amounts
Should Our Investment Club Make a PTE Election?
Accounting for Fraud
How is Basis adjusted when a member withdraws from the club
How do remaining club members realize the deferred or unrealized gain from transferring shares as part of a withdrawal?
What are the advantages and complications of transferring shares on a full withdrawal?