In This Issue:|
2007 Club Tax Printers Now Available for Pre-Order
The Federal and State Tax Printer software for fiscal year
2007 is now available for pre-order from the ICLUB Store.
If your club uses Club Accounting 3 or keeps its books
online at myICLUB.com (the accounting software used by the
majority of U.S. investment clubs), you can quickly and
accurately complete your club's partnership tax forms
-- and print K-1 forms for your members -- by using
ICLUB's Club Tax Printers.
The Federal and State Tax Printer software retails for
$89.99 (a fraction of the cost of a professional tax
preparation service), but many discounts are available.
Get a jump on Tax Season and pre-order your Tax Printers today!
For Tax Printer questions or concerns, contact the ICLUB
Join the Club!
by Amy Rauch Neilson
Amy Rauch Neilson is a free-lance writer and
editor who has specialized in writing about the stock market
and investing basics for beginners for nearly two decades.
An avid investor and former member of the Kix Investment
Club, Amy lives in Belleville, Michigan with her husband
and two-year-old son. Her "Join the Club!" column will
be featured regularly in the ICLUBinsider.
What's On Your Agenda?
So, the big day has come and you’ll be holding your
investment club’s inaugural meeting at your house tonight.
First, the important stuff: You’ve double-checked the kitchen
and yes, you have chips and dip, a veggie tray for the more
health-conscious members, a pan of double-fudge brownies for
those who have given up on that idea, and a variety of
beverages chilling in the fridge.
Next, you roll up your sleeves and get to work. After all, an
investment club is a partnership – it’s a legal business entity.
Using the Sample Agenda on the ICLUB.com website, you begin to put together an agenda for tonight’s club meeting.
As you run down the list of items to be discussed, you nod your
head at the Call to Order (that’s an easy one), but then you
start to panic as you realize that there are several items on
the list that don’t apply to your club – at least, not yet.
There are no minutes from a previous meeting to accept, no club
valuation statement for the treasurer to give (heck, your club
doesn’t even a have a treasurer), and no old business, since
you’re brand new. You’ll be meeting in just a few hours and
there’s a question bouncing around inside your head. Where do
we go from here? And how do we get from here – a fledgling club
-- to there – an experienced club with members that make small
talk about the latest happenings in the airline industry before
the meeting is even called to order?
Before you allow yourself become overwhelmed with all that
lies ahead, consider for a moment all that you have accomplished
so far just to bring your club to this point. The idea of learning
about investing on your own had always seemed a bit daunting. But
learning about the stock market with a group of friends -- and making
money to boot? Well, that’s got a certain appeal to it.
How to Handle a Settlement Check
By Daniel R. Abraham
ICLUBcentral VP of Customer Care & Special Projects
If your club has just received a settlement check as a
result of a class-action suit, here's how to handle it.
Step 1) Select the correct transaction
a. In Club Accounting 3 (CA3):
Select TRANSACTIONS > DIVIDEND OR DISTRIBUTION
b. In myICLUB.com (Club Accounting Online):
Select ACCOUNTING > SECURITIES > CASH DIVIDENDS
Step 2) Complete the transaction
a. If you still own shares of the security, change the TYPE
box to Return of Capital.
b. If you do NOT own shares of the security, you will need
to enter the transaction as a Capital Gain distribution
rather than a Return of Capital. If less than a year has
passed between the date of purchase and the date of the
settlement check, the gain will be short-term
(select TYPE = Short-Term Capital Gain). Otherwise, it will
be long-term (select TYPE = Long-Term Capital Gain).
Note that if you have sold the security, CA3 will not
show it on the list of securities until you select
That's it! Now go out and invest the money well.