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Posts by: Russell Malley, Club Accounting Adviser, ICLUBcentral

Effects of Tax Law Changes

On March 25, 2013 By Russell Malley, Club Accounting Adviser, ICLUBcentral
form 8949_stroke

The changes in tax law related to brokers keeping cost-basis information and reporting it to the IRS when there’s a sale has created some challenges for clubs.

For those hoping to be relieved of entering an ex-dividend date when entering dividends, you’re out of luck. The maximum tax rate on dividends went up, but [...]

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Clubs Need to Navigate Changes to IRS Forms

On January 22, 2013 By Russell Malley, Club Accounting Adviser, ICLUBcentral
tax refund

This year changes were made to the federal partnership return forms. These involve how capital gains are reported. Form 8949 was added and changes to Schedule D were implemented. Both are involved with reporting capital gains.

In the past, individual transactions that generated a capital gain or loss were itemized on Schedule D in [...]

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Mergers With Warrants – a New Accounting Headache

On October 1, 2012 By Russell Malley, Club Accounting Adviser, ICLUBcentral
merger

When I first started in Club Accounting tech support, mergers that involved cash and stock as part of the merger consideration were few and far between. This isn’t true now. There seem to be multiple mergers of this type each year. Recently, a new twist was added to this type of merger [...]

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Accounting Preventive Maintenance

On April 30, 2012 By Russell Malley, Club Accounting Adviser, ICLUBcentral
Accounting Preventive Maintenance

The summer months often bring a lull in the activity of an investment club. This makes it a good time to inspect your procedures for preventing accounting disasters. You can think of these as your accounting preventative maintenance. Many large problems can be prevented with regular checkups of your books.

First, when [...]

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How to Handle Wash Sales

On March 26, 2012 By Russell Malley, Club Accounting Adviser, ICLUBcentral
wash-sales

This tax season I saw an explosion of wash sale questions. There have been more in the last three months than in all my previous years helping treasurers. I believe this is because of new rules requiring brokerage firms to track and report cost basis information.
For this article we’ll define [...]

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