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.
• 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
• 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
• Finding and correcting issues when the bank or broker balance is more than a few cents out of balance
• 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
• 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