General Tax Principles

Who needs to file taxes?
When should I prepare my taxes?
How do I close my books?
How do I prepare my taxes?
Where do I file my taxes?
Where can I obtain a serial number for the Club Tax Printer?

Who needs to file taxes?

• All investment clubs with any income or expenses that were in operation during the fiscal year 20xx.
• Your club must file taxes even if your club is disbanding.
• Your club must file taxes even if your club has no gains.

When should I prepare my taxes?

How do I close my books?

1. First, make sure all transactions for dates up to and including Dec. 31, 20xx are entered into your Club Accounting software.
2. Make sure you have created a valuation date for December 31, 20xx. Do NOT use the Valuation Statement for your December meeting to close your club's year-end books.
3. Use the audit task to check (and if necessary, correct) any internal inconsistencies which may have crept into your books. The audit task NCA 2 is located in the utilities area. In Club Accounting 3 and Club Accounting Online (myiclub.com), the audit task is performed automatically for you.
4. Do a distribution of earnings for 12/31/20xx. The distribute task is located in the utilities area in NCA 2. In Club Accounting 3, go to Tools > Allocatate Income & Expenses. On myiclub.com, go to Accounting > Utilities > Allocate Income & Expenses.
5. Go to the Reports Menu and print a Distribution of Earnings Statement (or Allocation of Income and Expense) for the interval January 1, 20xx to December 31, 20xx, and an Income and Expense Statement and Balance Sheet for the same interval. Make sure every member of your club has access to these reports.

How do I prepare my taxes?

1. Open the 20xx Club Tax Printer software program (info at www.iclub.com/taxes). Use the simple question-and-answer format to print out your:
   1. Form 1065 (including Schedule D, supporting schedules for Schedule K)
   2. Schedule K-1 (one for each partner)
2. Send one Form 1065 to the IRS, at one of the three distribution centers, and keep one for club records..
3. Print 3 copies of each Schedule K-1. Send one copy of each Schedule K-1 to the IRS, keep one copy of each for the club, and give the third to the appropriate partner.

Where do I file my taxes?

Investment clubs are partnerships, and do NOT send their tax forms to the same place as individuals.
File your club tax forms at the applicable IRS address listed below:

• If your club is based in:
  Connecticut, Delaware, District of Columbia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, West Virginia, Wisconsin
  Then your club sends its return to: Cincinnati, OH 45999-0011
  

  If your club is based in:

  Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Hawaii, Idaho, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Tennessee, Texas, Utah, Washington, Wyoming

  Then your club sends its return to: Ogden, UT 84201-0011
  

  If your club is based in:

  A foreign country or possession,

  Then your club sends its return to: Philadelphia, PA 19255-0011

Where can I obtain a serial number for the Club Tax Printer?

You will need to register your program over the Internet with your tax printer serial number before it will become usable. Your tax printer serial number is proof that you purchased a license to use this program.

• If your copy was send to you via the US mail, it is included with your tax printer packaging.
• If you downloaded the program, your tax printer serial number will be provided to you via email.