"Leneise" <butter-ball[at]usa.net> wrote:

- quote -

You may be OK, but you'll need to discuss the details of
your case with a tax pro familiar with IRC 761 and the
related regulations. In an oversimplified nutshell, and
assuming you can jump neatly through the required hoops, an
Investment Club may be able to elect out of filing a
partnership return.

I would suggest you start with IRS Publication 550, then
find a local tax pro who works with Investment Clubs and
follow up. Be advised that this is specialty niche and it
may not be easy to find someone local who can is qualified.
Depending on where you are located, you may need to go to
the city.

Good luck,
Gene E. Utterback, EA

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David Woods, EA, ChFC, CLU wrote:
- quote -

Not to mention the late filing! (grin; lets see now,
number of partners times 50 or is it 100? months?
something like that.

ChEAr$,
Harlan Lunsford, EA n LA

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"Leneise" <butter-ball[at]usa.net> wrote:

- quote -

You're aware that the penalty for non-filing of a
partnership return is significant, right?

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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- quote -

Just file the things. Find a tax pro that you can work with
and get it done. I would suggest now, as we all tend to get
a little busy next month.

Helen, EA in PA
Director, NAEA; Immediate Past President, PSEA; Tax Expert, AOL
Enrolled Agents - THE Tax Professionals

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We are an investment club that was formed in 96'. We have
enver filed a tax return for our partnership. I know, I
know, this is bad. Any professionals or knowledgeable people
have suggestions about who we can contact or how we can
straighten this out?

Our accounting and records are flawless. We just never filed
a tax return with the federal government.

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