I would also recommend that you get some of the NAIC information. Their methods for record-keeping have always been helpful to me, and I've been an Investment Club Treasurer for the last 20 years or so in 2 different investment clubs. Also, they usually have an article in the February [I think??] issue of Better Investing that desribes how to fill out the 1065 and Schedule K's line-by-line. I have always found that to be very helpful.

I would also suggest that you update your reporting tool, whatever that may be, to calculate the club taxes for you. I have a spreadsheet that I use that breaks out all the tax information for me, and I just transfer it over to the right lines. It's something I put together on Excel that I've used for the past couple of years, and I tend to improve on it just a little every year when I notice I'm missing something. I'm pretty sure NAIC also has investment club software, but I haven't used it so I don't know much about it.

Generally, as long as you have all the records, the taxes aren't that bad although they can get more complicated as members come and go or take partial distributions. For year end, I generally print out the 12/31 valuation, do the earnings distribution, print out the ledger for the year, and do a printout of all the member accounts. I keep all that plus a copy of the taxes for every year.