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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 Support Team.
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):
b. In myICLUB.com (Club Accounting Online):
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 SHOW INACTIVES.
That's it! Now go out and invest the money well.
November 8, 2007