Club Fundamentals
FAQ notes relating to non-technical questions about clubs
- Foreign tax reclaim adjustment
- Steps when switching brokers - change broker - new broker - change brokerage
- Why we advise against using a Dividend Reinvestment Plan (DRIP)
- Corporate Transparency Act / beneficial ownership information (BOI)
- Members paying directly to a club bank or broker
- Why does BetterInvesting / ICLUBcentral / myICLUB require we enter SSN in myICLUB?
- Corporate Transparency Act - New Federal Reporting Requirements for LLCs and LLPs in 2024
- Club Members in Different States
- Key Accounting Differences Between myICLUB.com and Bivio
- Basis of Securities Transferred to a Partner in a Partial or Full Liquidation of the Partner’s Interest in an Investing Partnership.
- Investment Partnership Accounting for Canadian Members in a U.S.-Based Investment Club
- Post-Meeting Wizard
- Pre-Meeting Wizard
- Monthly Report
- View/Edit Transactions
- Revocable Trusts in Club Accounting
- Adjusting reclassified Dividends
- Specific stock prices are zero (0.00) on the portfolio screen or valuation.
- Finding and correcting issues when the bank or broker balance is more than a few cents out of balance
- Money or shares received after disbanding
- Record a Merger plus Cash transaction
- Size Diversification Reports
- How to handle an ADR management fee , Foreign transaction tax, Foreign Financial Transaction Fee
- Supported and Unsupported Securities and Transactions
- Entering a withdrawal using the ICLUBcentral accounting system.
- Cost Basis of Transferred Securities in a withdrawal
- How do we handle shares owned through a broker and directly with a company?
- What is counted as an investment expense?
- Can a new member join a club at the same value as all the other members?
- Can members pay ahead ?
- Handling BetterInvesting (BI) Dues
- Finding Stock Split information
- After your next meeting
- Before your next meeting
- Wash Sales
- Can I use ICLUBcentral programs, sites or services on a Mac, or iPad?
- What are Record Date and Ex-div (Ex-dividend) date, and how do they relate to Trade date and Settlement Date?
- Finding files after downloading.
- What is Compound Annual Return (CAR) and how is it calculated?
- Record a Foreign Tax transaction in myICLUB.com
- How can I tell if a dividend is qualified or not?
- Why do I need to choose what cost basis was or was not reported, when working on the club's taxes?
- How can we perform a club audit?
- Record a Stock Split in myICLUB.com
- Record a Spinoff in myICLUB.com
- Record a Merger in myICLUB.com
- How do I dissolve or disband my club?
- When will the Club Tax Printer software be available?
- Where do I file the tax forms?
- How do I close my books for the year?
- When should I prepare my taxes?
- Who needs to file tax returns?
- How do we handle a "non-dividend distribution"?
- Where do the Form 1065, schedule D, and K-1 entries come from in Club Accounting?