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Earnley Dawson
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| 01/11/2007 7:07 AM |
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Hi Ira
I have purchased the on line tax printer. when can I begin begin the process of printing the club's 1065 and Individual K-1 forms.
Will K-1's be printed for members who have withdrawn?
We have not sold any stock our only income has been Dividens and Interest.
Is it to early to run the tax printer? |
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rip west
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| 01/13/2007 12:17 AM |
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Earnley,
Yes, it's too early to run the tax printer. In the first place, the forms are still marked 'draft'. Secondly, and more important, dividend and interest information from reporting companies can, and often does change. Most of us think it's a very sound practice to wait, at least, until Feb 1 to make sure all the corrections have come in. No body, clubs or members, like to file amended returns after going to the work to file the original.
It's a cross that treasurers have to bear to withstand the very vocal demands to get the information out to those members who feel its a mortal sin if their taxes aren't filed by January 4. 
Rip West |
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Margaret Wentworth
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| 01/14/2007 6:08 PM |
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Taxes should not be done until you have reconciled your records with those of your broker, as represented on the 1099 you receive. This is mailed to you at the end of January (some brokers let you download and print this out). However accurate you think you are, wait to make sure by checking.
Peg Wentworth, treasurer |
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