With a new year upon us, it's time to tackle the important task of preparing your investors' tax documents. At InvestNext, we understand that tax season can be a bit overwhelming. Don't worry; we've got you covered with some easy-to-follow resources!
These resources will help you with:
Preparation
CPA/Accounting Information
Uploading and Sharing
Item 1: Preparation Made Simple
STEP 1: Run the Tax Report
First things first, let's make sure all the necessary tax information is in place. Run the Global Tax Package report in the Reports section to quickly spot any missing Tax IDs in your investors' accounts.
STEP 2: Update Information
If you find any missing Tax IDs or have questions about the tax info, fear not! You can easily update the information yourself or guide your investors to log into their portals and do it.
For your investors, we've crafted a step-by-step guide on updating Tax IDs in their portals: Update Your Tax ID (for investors).
As a sponsor, you can take charge and edit your investors' Account details, including their Tax IDs. Here's how: Edit Account Details.
Item 2: CPA Information Demystified
Once you've ensured that all the necessary info is in place, it's time to share it with your accountant or CPA. Simply run the Global Tax Package report in the Reports section and hand it over to your accounting professional. This report contains all the details they need to create those important K-1 documents.
Item 3: Uploading and Sharing Made Easy
When your CPA works their magic and completes the K-1 documents, we've made the next steps a breeze for you. InvestNext will handle the heavy lifting, automatically matching the documents to individual investor accounts. You'll have time to double-check before sharing them.
To guide you through the process, we've prepared an article on Mass Uploading K-1s/Tax Documents: Mass Upload K1s/Tax Documents.
There you have it – tax season made simple with InvestNext! Feel free to share these easy steps and make tax preparation a walk in the park. 🌟💼