A very quick one today about dealing with clubs where one member has somehow managed to get more than a 50% ownership.
I've only run into this once, but on the chance that anyone else gets into this situation, it turns out to be reasonably easy to handle:
When running the ICLUBcentral Tax Printer, the club needs to click the check box (desktop accounting), or select 'Yes' (Online Accounting) to the question of whether any individual or estate owned, directly or indirectly an interest of 50% or more in the profit, loss or capital of the partnership
Making this selection will have the tax printer produce Schedule B-1, which is an extra page for the form 1065. This form needs to be filled out manually, and sent in along with the regular 1065 forms generated by the tax printer.
As well, if you've read the most recent StockCentral Gazette, you may have noticed I'm going to be part of a community workshop starting on the 17th. While I've tried not to be too specific with the Support Ticket postings, the community workshop will be a chance to answer specific questions. If you're interested, email amy@iclub.com if there are specific questions or areas You'd like to know more about.