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Georgia Sign Assignment of Partnership Interest Later

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nation uh we'll begin tonight with a little overview of what's new for 2020 with the club tax preparation program to give you a little head start on the uh tax prep season we will continue to offer e-filing for the irs as well as california new york and wisconsin and we're very happy to be adding e-filing for massachusetts new jersey and pennsylvania clubs that includes clubs that are resident in those states and as applicable if you have resident partners uh in certain states you will be able to use the e-filing module as well uh we will uh um also uh so for those six states uh this year we are not able to offer paper filing so you will be required to use e-filing and that will require you to use my iclub to file your returns uh the remaining nine states in our roster can be filed on paper using my iclub or club accounting 3 and we'll have more details as i said in january at our tax prep webinar on different states requirements and how you can make sure that you're meeting the requirements for states that you uh you your club uh is located in and that members may be uh resident of as well the text printers are available for pre-order right now at early bird rates through the end of the year so go to iclub.com and place that order the expected release will be in january typically the irs begins accepting partnership returns between january 15th and february 15th they haven't announced that date yet so we will uh probably not release the tax printer prior to the acceptance date uh but so st stay tuned for that information um we're doing a great job we're way ahead this year in terms of the final states uh that are approved uh so most of the states at this point have been approved so we're we are in good shape there uh and we have again there's always a few laggards a few states that are behind the eight ball and uh a little experiencing some delays and processing our um our applications so uh stay tuned we'll give you more update in uh january remember the irs deadline for partnership returns is march 15th this is separate and different from the individual return deadline for individual taxpayers states some are using march 15th adjusted to match the irs deadline others are using april 15th so you'll have to again we'll have that information in the january webinar about when your state requires your club to file its return so let's move on now and talk about closing your club's books for 2020. now closing the books is something of a misnomer it's really a series of steps that helps you to ensure the accuracy of your investment club accounting catching errors before they compound and then become very difficult to resolve we see this all the time with clubs that have been in existence for a long time an error that happened many many years ago continues to stifle the club in its attempts to reconcile accounts so if every year you can make sure that that year's records are complete and accurate you'll be doing a big service for future treasurers and as well as for yourself to if you continue to serve in that capacity it's a great time of year to provide members with details about the your club's performance and the results of the year's worth of investments and it's also a good time to start getting ready to generate the federal tax state tax returns since the partnership deadline at the irs moved to march 15th and since you won't be getting a lot of your 1099s until as late as february 15th it pays to be prepared because you've got a very short window to finalize all that information and submit your return so these steps will help you with that process the calendar from now until march 15th looks something like this in december this is a good time to purchase your club tax printer create your audit committee and make sure that all members are aware that they will be getting their k1s sometime late in february or early in march in january you'll have all of your year-end statements you'll be able to confirm all 2020 transactions have been recorded in your club's accounting system and again at that january meeting keep your members up to date of the tax schedule when they can expect to receive their k1s and in february you will be receiving your 1099s from your bank and your brokerage institution that's a good time to schedule an audit of the books and make sure that everyone is aware of the tax schedule and then finally in march you'll be able to generate and file your irs return and your state returns uh distribute your k1s to your partners and meet that march 15 irs deadline now in terms of closing the books there are several tasks that we encourage you to undertake starting with just double checking to make sure that your program is set correctly to follow best practices for year-end allocations and distributions the allocation method that we recommend is the time-based method that will allocate all income expenses gains and losses to members as of their ownership on the date of each transaction is a much fairer method especially to clubs with varying member levels of ownership that members may have the unit distribution reinvestment method there is a legacy method that included the reinvestment of distributed units at year end but that was very complex and it messes up return calculations because of the distribution of units and then the reinvestment of the value of those units into the purchase of new units that was just it's very standard for mutual fund accounting to use that method but it's unnecessary for partnership accounting and so there is a legacy there that if you're an older club you can establish the stock year that you switched over and set it for the method of not distributing and reinvesting methods now the allocation settings in the accounting utility section has this page where you can make the selection it has information on the page that explains it and there's also a help link that you can find more information so just make sure it looks something like this the year for item number two would be the year that you started your club if it was any time in the last decade or the year in which you switched over if you were a much older club and you may not see that option of if you are a newer club you may not have ever had the option to set that so just keep that in mind but it's a good idea to check those and make sure that they haven't been switched accidentally it's also a good time to make sure that all of the securities in your club portfolio and that may have been sold from the portfolio during the year are set up correctly in the program in my iclub in the accounting security section there is an option to update security settings and this is where you can adjust the type of security because you may own securities other than stocks so you want to make sure that all stocks are listed as common stocks any mutual funds you own are listed as mutual funds if you own real estate investment trusts even though they trade on a stock exchange you want to make sure they're set as stocks dash reit so they are identified correctly if you own etfs those would be uh set as other and if you own limited partnerships and other um those would also be set as other any other securities should be set as other that tells the program that these are not subject to the same rules for calculating gains and losses and taxing distributions as common stocks now our database will pull some of these incorrectly but it's your obligation your responsibility to make sure that the type is set correctly otherwise your tax returns are not going to match what your broker may be reporting to the irs here's what the page looks like in a little power tip while you're here this is where you can adjust the company name and the stock exchange if you would prefer sometimes some of the company names come in in all caps if you've seen that on your evaluation statement or other reports here's where you can adjust them you can abbreviate the names for instance automatic data processing always runs it gets truncated on many reports here's where you can change it to adp so you can use that that doesn't have any impact as long as the ticker symbol is correct you can abbreviate the name so that it makes sense use proper case so that it it's all consistent on your reports and they look nice as long as the symbol is correct here that is all that really matters because that's what we're going to use to pull in your uh the quote symbol down below in the advanced settings uh that's what's going to be used to determine the prices on your valuation on this page but at any rate make sure that these options are set correctly uh for every security in your club and while you're at it this is a good time to remember that there are some types of securities that are not very very good to be owned in investment clubs that pros pose particular problems for the club treasurer some of these securities include gold and commodity etfs these are etfs that own the underlying gold or silver or other precious metal or other physical commodity not ones that own gold mining stocks for instance but that own actual gold bullion or bars these types of etfs are taxed not as securities but as collectibles so they have a different tax rate and they require different amendments different forms that you will have to complete manually with your club tax return and then adjust every members k ones by hand so we do not suggest that you uh that you own those in your investment club real estate investment trusts are complicated they can be they can be purchased and held in the club portfolio but the club treasurer is going to have to make additional adjustments because the distributions that you receive on a quarterly or sometimes monthly basis those distributions the dispensation of those distributions is not known until january so then the treasurer has to go back and edit and add additional transactions to cover the the the actual distributions the to reflect uh the amount of each distribution that is a dividend or a return of capital or short-term or long-term capital gains so those get complicated royalty trusts publicly traded partnerships and any type of master limited partnership mlp are also going to create headaches for treasurers they may require you to seek a third party tax preparer to do your return we don't support those securities natively again because of the tax treatment if you own a publicly traded partnership or a master limited partnership your club will be receiving a k1 from those partnerships which is not due to be delivered to you until march 15th which would require potentially your club to file for an extension to file its return and delay delivering k1s to your partners because of this interest in another partnership so for those reasons the additional complexity for the treasurer with workarounds manual calculations manual entries additional tax form filings that have to be done manually we suggest that if you own any of these types of securities you take action before december 31st to get rid of them from your club portfolio so the treasurer only has to deal with it with one tax year if you wait until january or february next year now in 2021 you're going to be in the same boat having to cope with uh these securities in your club portfolio so that this is why we mentioned this at the closing the books webinar because you've still got time for the treasurer to suggest that you find alternative uses for the cash that you've got invested in these particular securities this is also a good time to consider making a charitable donation from your club the club can donate securities or cash and then the charitable contribution gets passed through to all the partners and our iclub software both club county three and my iclub are the only programs that support the donations of securities in the club and what's interesting about that is that if you've got a security that you've got a big gain in perhaps it's causing your portfolio to be out of balance you're worried that it's overvalued the downside appears to be too high but you don't want to sell because you might it might go up again and you're concerned about paying capital gains taxes if you sell it now one strategy that you can consider is making a gift of some of those shares to a qualified charity the basis is stepped up from your cost basis to the value of the securities on the date of the gift and so you get the full value of the amount of the shares on the date of the gift as a charitable contribution but uh you don't have to pay capital gains taxes on it that's something you can use on a personal basis as well so that can be useful now the cares act earlier this year did uh add a provision for individuals to take a certain amount of charitable contributions even if you take the um you don't itemize you take the standard deduction uh and i will warn you that gifts of security are not included in that that ability to make a to take that deduction on the individual's personal tax returns but it still can be a useful tool for portfolio management as well as helping other people we know that some clubs for instance may belong uh maybe members of the same church use the church church meeting room and make an annual gift or tithe to the church or the same thing with local libraries clubs often make a gift an annual gift to their local library that allows them to use a meeting room maybe you're not doing that this year but you might want to continue that tradition so we mentioned that now because you want to capture that before december 31st so that you can get credit for it the members can get credit for it on their 2020 individual returns the form uh looks something like this the in the cash account section of accounting there is a charitable contribution screen that allows you to uh enter the contribution and select the stocks if it is a security if you're giving a gift of securities so pretty straightforward but and also doing a good thing as december continues it's time to make sure that all transactions up to and including 1231 are entered in the club's books we know that on december 31st and january 1st as many people have time off from work those are busy times you're getting and downloading your urine statements from your broker and bank and you're updating your books then we do have a couple of important rules about transactions that happen on december 31st and our recommendation is that you don't enter any transaction on the last day of the year especially not withdrawals but it's best to stay away from any transaction on december 31st if you have an interest payment that comes in on december 31st for instance record it in the books as of december 30th you can put a little note in the in the memo field that says this was received on 12 31 but enter it as of december 30th and that will make sure that it gets picked up by the tax printer and in your reporting for the 2020 tax year but we're going to keep that 1231 date clear for our allocation of income and expenses that we're going to talk about in a minute if you have a mutual fund that pays a distribution in january typically the first couple of days of the year but they explicitly say this is taxable in the 2020 tax year you want to again enter that on december 30th not on january say third or fourth or fifth and again make a note that it was received in january but it's it's applicable to the 2020 year that's how we're going to ensure that those values show up in our allocation and on our tax forms for 2020. this is also a good time to review your books for problem transactions as you're printing out the transactions for the year it's a good time to think about if you're using some outdated practices such as charging late fees to members make sure that member fees are only used for penalties such as bounce checks every all other monies that are put in by members should be recorded as member payments and receiving units for them it all comes out in the end this is cleaner it's clearer and it makes forces the club to consider are you trying to collect fees to cover expenses if so are those expenses legitimate club expenses or are those something that members should be paying individually our our my rule is if the club thinks it's a value then you should not charge members individuallyfor those types of expenses it should just be a club expense dividends from stocks should be entered a security transactions not under cash accounts they cannot be entered as cash transactions because they have to be linked to the security that's paying them they have to include the ex dividend date to determine the proper tax treatment now the qualifying dividend rate for most taxpayers went away a couple of years ago that was a lower rate that encouraged long-term holding of stocks that paid dividends but it didn't go away entirely so if you have ordinary income below a certain level something like 38 30 39 000 a year you are still eligible to pay a lower tax rate on dividends so that's why we've got to continue to capture the ex dividend date along with all dividend transactions and report out the amount of qualifying dividends even if most of your clubs may club members may not be eligible for the qualifying dividend tax rate so in order to do that we enter those dividends as security transactions and use the security screen to enter those the my i club securities dividend report will show you the ex dividend dates that will help you make sure that they are all correct do not make up those ex dividend dates make sure that you validate them you verify them we've got the lookup feature on the tool that will allow you to see the database of dividend payment dates and the relevant ex dividend dates so you can make sure that those are correct make sure that you don't have any member withdrawals entered on valuation dates that can can cause conflict within the system because you're taking units out on the same day that you're trying to value the units and so it can cause problems down the road even if they're not apparent immediately so we suggest moving those number withdrawals to the day after the valuation date the value of the valuation doesn't change but the accounting is just cleaner that way and also make sure that any splits are recorded for all the stocks and you should have noticed those as you as you went along the way as you're entering your valuations each month you probably would have noticed as your your broker statements will uh include information on all of those splits here's our security dividends report we've enhanced that recently with the ability to subtotal it by security so you can display it for a year and see all of the groupings of securities and the qualifying and non-qualifying amounts as well so the questions if you have any questions i think jeff just asked a question uh the has a club that essentially suspended the club during covid they had some meetings and they have dues in a bank account and the question is do we need to file taxes according to the internal revenue service you do if this is your first year they may not notice but if your broker or your bank rather is gonna it was paying you interest uh and uh that that uh 1099 is getting reported to the irs they're gonna be looking for a tax return from you um you know again you're going to have to evaluate for for yourself if it's a risk you wish to take but you know the our recommendation is that according to irs rules every partnership needs to file no matter if you're in formation and you have a positive account balance in a financial institution you need to file a return that's the irs's rule all right let's move on and talk about the year-end valuations the uh this is a task that you do once a year once a year only uh to create a year-end valuation so this is uh something that you do every month to create the monthly valuation and then as of december 31st you want to create your urine valuation now keep in mind that if the markets closed on december 31st you'll be using prices from december 30th but the price is from december 30th at the same prices as of december 31st so uh that still is valid it's still the december 31st valuation now if your club always creates their evaluation as of the last day of the month then you don't need to do a separate valuation for december 31st but if your club meeting was on december 7th and you created the valuation as of december 3rd for instance something like that then yes you want to create a separate valuation for december 31st and again making sure that you don't have any transactions on december 31st so the valuation just looks like any other monthly valuation and my little power tip here is just to remind you that the prices that you see over here uh each month it's a good idea to review them make sure they're all the same because that's how you're going to catch a stock that may have changed its ticker symbol or that was suspended from filing or merged into another company when you see that default price date uh the price date is different from every other stock then you need to do a little more research into that particular security so run that valuation you'll get your year-end valuation statement uh so goes into the records you've got 12 monthly valuation statements typically and then this year-end evaluation statement this is a good one uh to make sure that every member reviews it's kind of it takes allows you to take stock of the club holdings as of the end of the year so once you've created the valuation okay yes russell there sometimes someone will see a value of zero for a company so that means your tax your your ticker symbol symbols not being recognized as a as a company so yeah on the price if it shows up as a zero that means your ticker symbol's not being recognized you've made a mistake or you've bought a company that's not publicly traded occasionally we've had clubs who have done that so for those you're gonna have to go in and manually type in a a a price for those yep that's also a great point if you've got a security that's not publicly traded on a north american exchange if you've got a stock that's traded outside the u.s for instance or if you've got a security that we don't have prices for such as a bond that's something that you would have to price manually on this screen as well another reason to stay away from those types of securities and stick with common stocks in your club portfolio so now we're going to move on talk about allocating income and expenses this is something that we do every year when members withdraw during the year they get a little personal allocation of their share as of the time of their withdrawal but otherwise we have to do this at year end to accommodate uh tax law partnerships and limited liability companies llcs and llps these are all considered quote pass-through entities for tax purposes and so that means that partnership income is not taxed at the federal level or by most states but instead the income is passed through to partners so the partners are then responsible for paying taxes on the income that the partnership generates so this is a a good reason to form a partnership because there's no tax obligation in most cases in most states for partnerships there can be registration fees but the partnership itself is not going to be generating taxable income so that's why every year the partnership needs to allocate to every partner their share of income and expenses according to the partnership's ownership interest in the club uh and this is uh par required by partnership tax law so that we can track the members cost basis in the club the paid in plus earnings so this will make sure that you're not paying taxes twice on income because that income is going to be taxed every year so when you withdraw from the club you're going to take that income out of the club but you've already paid taxes on it so it won't be taxed a second time so this is all wrapped up in this annual allocation of the incumbent expenses function that the treasurer will do as of december 31st in the utility section it's hidden there because it's something we don't you don't need to access very frequently generally you would do this after receiving your 1099s however you might do a preliminary allocation as long as members are aware that the information is subject to change once the club has reconciled its books to the 1099s that your financial institutions have sent to the irs the allocation function is very simple you select the year which would be 2020 in this case you can add comments for instance if it's a preliminary allocation you might add that note in the comments box and then click the yes button down below and you'll see the allocation report now if you own reits or mutual funds or other securities so that's why it's important to select the security type appropriately you will be prompted at this point before you see the allocation to enter qualifying dividends or something known as unrecaptured section 1250 gains which are applicable to reits those figures tend will generally will come become available to you on on the 1099 but also might be available from the reit or the mutual fund website in early january so you can check it out they will tell you uh for the year each share received x dollars it was made up of y of uh capital gains and z of um dividends and uh uh uh w of um uh section 12 15 12 50 unrecaptured gains so uh that all that information uh is there it's important to reconcile it uh now remember i mentioned this early briefly mutual funds and etfs uh will only and reits will only report those quarterly distributions at your end uh and that's going to require you to go back and manually enter create new transactions for each distribution that you receive from those during the year here is the allocation screen for this club that owns a real estate investment trust and so they've been prompted to enter the qualifying dividend uh and the unrecaptured section 1250 gains if there are any from that particular security they might both be zero but if you enter zero here and the uh these securities are reporting uh qualifying dividends or unrecaptured section 1250 gains then your your tax forms are going to be incorrect so it's important to make sure that you acquire this information for those securities once again reinforcing the additional complications that come if you choose to own real estate invest and trust mutual funds etfs and other securities so once that allocation is complete you want to make sure that your members have the link to it and if you edit any transactions for instance you get the 1099s and there's some discrepancies and you find an error it's important to regenerate that allocation and make sure that members know it's preliminary until you confirm it you can regenerate that allocation as many times as you need to um so it might be a good idea uh even if you do it at in january once you're kind of have a good sense that all the transactions have been entered and match up with the year-end statements for instance you could go ahead and generate that allocation and then just double check or regenerate it later the allocation looks something like this this is a report that includes all the members who are active in the club uh the dis the withdrawn members also will show up i believe at the bottom but it includes all the different categories this report is also can be used by the members if they use a professional tax preparer and they're giving all of the 1099s and all their other k1s and account statements to that individual they could deliver this report and say these are the amounts that i expect to be on my k1 from the club when it is generated we also have a members tax report that they can download that's got the information formatted similarly to a k1 which might be more might be easier for the accountant or tax preparer to interpret instead of this particular report but that is the function of this particular report uh questions i see jeff is asking in the edit securities page there are a handful of securities that show up but the stocks don't exist anymore um uh whoa but some of them may be um um but they don't show up uh with an asterisk the asterisk indicates that the uh the stocks are inactive uh and so that can be a problem that would indicate that if if that's the case you're seeing a stock in the list that's not showing as inactive but it's not a stock that you currently own often that has to do with fractional shares that didn't get cleaned out properly when the final sale transaction was entered for those securities the first thing to try is to go to the final sale transaction for those securities uh make sure you reque write down all the information about the sale the number of shares or the price the the commission etc uh delete that transaction re-enter it as the same date use the sell all button to sell all these shares and see if that cleans it out so we've made some changes to the program the way that we calculate cost bases in the past it was it was possible and treasurers would try to force the uh the the club's records to match the brokerage records and and the rounding would be somewhat different in terms of the pro cost per share now we we don't allow you to enter the cost per share when you're entering a sale transaction because what's important is the total amount and the number of shares the cost per share is just a calculated value and it doesn't matter if it matches the broker or not so that helps with transactions we made that change a couple years ago but for older transactions it's possible that things might need to get cleaned out so there's some other year in tax tasks that you uh will be on the lookout for your year-end statements from banks and brokers should arrive mostly in january again today those are mostly going to be delivered electronically so keep checking uh your financial institution website to make sure that you can download those pdfs uh put print them out put them in a folder put them in a folder on your computer make sure save them so that you've got them uh for uh for reference later on i like to have a folder on my desk with all of the tax documents they all go into that one folder as they arrive in the mail or when they arrive by via email when they get a message that says they're available i go print it right away and then uh i've got it there and that way i don't have to you know be poking around wasting time later on the versions of the 1099 that must be delivered by january 31st include the div the interest the miscellaneous income and the original issue discount uh 109.99 if you sold securities during the year the 1099 b uh isn't uh doesn't have to be uh delivered until february 15th and that's uh because the irs allows financial institutions a little extra time to calculate the cost basis of all of the sold securities for all of the customers by march 15 you must deliver the schedule k1 to all of your partners and just keep in mind that if you want a limited partnership or a master limited partnership you may need to file an extension to with the irs get that automatic extension you may still be able to deliver k1s to your partners by so that they can meet their individual april 15th irs deadlines but they may have to be delayed uh in order to accommodate those securities now once you get the 1099s it's important to reconcile the information in those documents because that's what the the broker or bank is sending to the irs the irs is going to look at your tax return it's going to try to match the numbers up if they don't match um that it may not be a problem depending on the reasons why they might not match but if they don't see a return from you and they expect one then they're going to come searching for the information with fines and penalties make sure that the books agree with those statements in 1099s and check that the 10.99 matches what's on the capital gains report the allocation report the valuation statement and the transaction summaries in your club's books now it's a good idea to once the you've confirmed all this information that members are aware that they can download their evaluation statement and allocation uh they can download their personal my club member tax report while they're waiting for their k1s make sure it's a good idea perhaps in january to schedule a year-end review where you look at the year you look at the portfolio you set goals for the coming 12 months we're going to look for some additional industries or sectors we're going to try to focus on building up our small capallocation uh we're going to try to figure out how to um get rid of some shares of stocks in overweighted sectors or industries etc that's a great opportunity for your january meeting so the audit is something else that your club should be doing each year it's a review of the club's books and financial statements the idea again is to have a second set third set fourth stat of eyes looking at the club's records and making sure that the transactions have been entered correctly if you do purchase the better investing's club fidelity bond you are required to conduct an annual audit of your transactions to make it easy we've provided a club audit checklist it's a pdf it's in the handouts tab you can also find it in the iclub club hub or in your club's my iclub file storage look at the resources from iclub section and you can download that audit checklist and that's got everything you need all the steps for uh carrying out your audit the audit committee consists of your club members the treasurer might be available for questions that's not a member of the committee the committee will need to decide are they going to meet after the 1099s are received that doesn't give them a whole lot of time before the taxes are due on march 15th or they might review the books when year in statements are available but then they won't be able to review the 1099s they might do both meet in january with the year-end statements and then quickly review the 1099s just to make sure that the balances match up the treasurer will provide all the information about the club's transactions for the year the different reports if you're using my iclub it's easy the members can print out their own versions of the reports but the treasurer would provide the broker and banks monthly statements and 1099s and trade confirmations then the audit committee will figure out how they're going to review the transactions it's possible the audit committee would review all the transactions for the entire year every member payment every security purchase and sale every dividend and interest received every expense paid they might select a random number of months say select five months of the year and audit every transaction in those five months or they might do a random assortment of all kinds of transactions paying special attention to larger transactions or as is often the case with online clubs every member might take a type of transaction so one member would reconcile all of the dividends and distributions one member would reconcile all of the member payments and deposits and fees one member might validate all of the security transactions and so in that way you can make sure that you're getting a good a good good coverage of the club's records treasurers should not be opposed to this it's always good to have that another set of eyes it's very easy when you're looking at lots and lots and lots of numbers uh and uh you you get in to fall into bad habits that the audit committee might be able to help figure out and it's also a good idea to a good way for those other members to learn how what the treasurer's job really encompasses and that could help make things easier down the road or when they uh take it out uh take it on so sue asks how do we do this remotely so i think you know i think i uh with my iclub that's very easy if you're not using my iclub uh or if you're not fully embraced with my iclub then the treasurer is gonna have a little bit different job to create to download the pdfs and email them off to the appropriate members uh the committee could sit uh you know again my online club in the past uh when we did the audit we just did it via email um the uh the we named the committee uh one person chaired the committee um that person organized it and said who wants to do uh the dividends and distributions who wants to do the securities who wants to do the member payments who wants to do everything else uh and uh we were able to uh very quickly go through um and print out the appropriate information we needed and reconcile them so in a lot of ways it becomes a little easier in the online environment if the errors are found report them back to the club treasurer who can make the adjustments in the books and the audit committee will also make recommendations about better procedures and then committee members will sign and submit the annual verification report and thank the treasurer for another great year then that annual verification report can be uploaded to the file storage area uh kept with the club's records so uh if you need help uh i uh please reach out to us at iclub.com as i mentioned this is the time to pre-order or to get approval from your club in december to pre-order or order the club tax printer again we have not changed the prices of the club tax printers in something like 15 years so that's pretty remarkable our costs have gone up and so we we do want you to to recognize that the 89 or 99 that we charge is a fraction of what you would pay to pay a professional tax preparer to prepare an investing partnership return but this is what we do this is our job uh and uh we've been doing it for nearly 20 years so we're pretty confident that we understand what the irs expects we are an approved e-filer we're in their program we are in contact with them we follow their rules they validate our our submissions so that's what you get a lot of value for that 99 as i mentioned we are continuing to expand e-filing and we've added three more states this year that takes us to six states we offer tax printers for 15 states so over the next couple of years we expect to completely switch over to e-filing from paper filing options remember if you're a club in california massachusetts new jersey new york pennsylvania or wisconsin or if you need to file anyone who needs to file a partnership return in those states we'll need to switch to my iclub as we are phasing out club accounting three uh but do get in touch with us we can help you with the chat with the job of moving the data over and and adjusting your your subscription to uh get you started on my iclub our support team is available we suggest that you use the frequently asked questions module at iclub.com faq there's a section there on taxpayer it answers all of the questions that people commonly ask so check it out check the online support at www.clomslightclub.com support to submit a ticket and then finally if you can't find your your your question there you can call our support line on our toll-free number uh monday to friday 9 30 a.m to 6 p.m eastern time now the busiest day is monday especially monday morning because all of our club treasurers are spending the weekend going through their books updating their records finding problems and then wanting to get help we suggest not having problems over the weekend because monday is our busiest time but keep that in mind plan accordingly um use and don't wait until the last minute that's why we're we're running this webinar now uh suggesting that you're all set for club tax season you've got your books in order so that when you have issues you've got the the leeway and the time frame uh to take uh take care of them before you they become a time a big time crunch problem for you to address here's our faq section in the uh there's an option for the my club tax printer sean is responsible for this russell contributes the merger instructions a merger and acquisition uh instructions he writes all those up so there are thousands of pages of information here we try to keep this updated as as best we can throughout the tax season as i said we're hoping to have a pretty robust launch of the tag and release of the tax sprinters in january with many states going live immediately without having to worry about draft uh and final forms for a lot of states but there probably will be a couple of laggards if your state is not finalized go to iclub.com on the home page we will give you the the date um or the status draft or final form for every state that we offer and it doesn't really uh uh it's you're not going to get any additional information by emailing us saying when will pennsylvania be final uh because we're we're stuck you all live in those states you know what it's like to deal with your own dmv your own tax agencies you know the bureaucracy uh that that's involved so we're uh you know we we politely ask as often as we can we make sure that if we've submitted something we haven't heard back we reach out but uh we know that that many of the those uh tax the people who work for the tax agencies are overwhelmed uh during uh during tax season so uh again we put that information on the website uh and it is uh all we know and all the support reps know at that point in time so we suggest that so uh thank you for that uh for all of you for attending tonight's presentation uh we wish you the best for uh the 2020 tax year our webinars are recorded and they will be available on our youtube channel at uh youtube.com i club central uh you'll find it as well on the iclub.com website in the learning tab you will be uh you'll be able to see the link there and on facebook if you uh follow us at iclub central there you will get the announcement about our uh about our tax preparation webinars and the replays of the the webinars such as this one which i understand can be useful uh when you have additional questions to go back and play a particular section uh but as i said follow us on on youtube look for us there um that's the easiest place to follow along uh for webinars all right with that i want to thank russell and sean in the back office thank you all once again uh best wishes for a happy new year for happy holidays and we'll look forward to seeing you in january at our next investment club webinar

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