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Status Report for Ticket #500531
| Ticket #: |
500531 |
| Submitted on: |
Mar 01, 2022 12:31 |
| Handled by: |
Doug Gerlach |
| Status: |
Closed - answered |
| Product: |
Online Club Accounting |
| Operating system: |
unknown |
| Submitted by: |
THERESE PROUTY |
| Email: |
terryprouty@yahoo.com |
| Phone: |
6302127499 |
| Group: |
Glen Investors |
| Subject: |
taxes K1s |
| Mar 01, 2022 13:17:32status changed to Closed - answered by Doug Gerlach |
No, users of myICLUB.com are fine and the IRS has not changed its forms at all -- they have only suggested that some circumstances MIGHT exist in which a partnership MIGHT not have to generate those schedules. But we are generating the K-2 and K-3 for all clubs. From our perspective, if the IRS does change its guidance again, we have already gone above and beyond it, so all of our clubs will NOT be affected. Because we offer e-Filing, it's no additional work for the treasurer to generate and include those schedules with an e-Filed return.
If you don't use myICLUB have have to submit your IRS return on paper, I could see how a treasurer might not be happy about printing a 400-page federal return. But that's not the case with myICLUB.com. |
| Mar 01, 2022 12:31:08ticket created by customer |
I am not sure I am in the 'right pew'.
I belong to 2 investment clubs. One uses IClub, one uses
BIVIO.
Bivio is saying they cannot generate K!s because the
government is still changing the forms. Iclub has generated
K1 forms.
If the K1 forms change, will IClub users have to make
updates and refile taxes? |
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