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February 8, 2002 -

What Year Is It? (Old Newsletter Erratum)

Our thanks to those eagle-eyed readers who caught our recent date gaffe. In our January 24 newsletter, under Tax-Time Tips for Treasurers, the very first line of "How do I close my books?" reads "First, make sure all transactions for dates up to and including Dec. 31, 2002..." Then a little further on, it suggests that treasurers "do a distribution of earnings for 12/31/2002."

Both of these references should be to December 31, 2001. Unfortunate typos; we feel dumb; please forgive us.

Getting Help With Your NAIC Club Accounting Products

At this time of year, especially early in the week, our Customer Support Center gets very busy. Even with additional staff, we are often so overwhelmed with questions that itís difficult to reach us by phone. Please be patient!! We want to help. Resolving your problem is important to us. Here are some tips to make it easier for you and for us.

For the quickest response, file your question online at http://www.iclub.com/support/request.html. This form will ask you for some basic information that will make it easier for us to help you faster.

While direct email requests will be served at a lower priority, you may still email us as long as you provide the following information:

  • What product are you using? (For instance, NAIC Online Club Accounting, or the 2001 NAIC Club Tax Printer, etc.)
  • What version of the product are you using? (E.g., NCA 1.04)
  • What is your serial number or, for online users, what is your username?
  • What's your club's name? (Be precise here, as many club names are similar...)
  • Don't forget to give us your name, email address, and phone number!

If you have a current support contract, you can telephone us for help. (Remember that you get 12 months free with a New User copy of software, 3 months with an Upgrade, and can extend the contract for $49/yr by calling NAIC toll-free at 1-877-275-6242.) For faster service when calling for live phone support, please be prepared. Be at your computer. Have our software product (and no other software) running. Our support engineers can help you best if you're ready to step through the sequence that led to your question. If a problem occurs, try to narrow down the steps that lead to the problem. If a message appears, be sure to write down the exact wording.

If there is a problem with your books (either with balancing or with a transaction), be aware that 95% of the time, it is due to data entry errors. We provide a service to analyze and resolve these issues, but please remember that digging through data files to find your mistakes is not part of regular your support contract, and at this time of year, immediate turnaround is unlikely.

IRS Filing Center Locations

As many of you have noticed, the 2001 NAIC Club Tax Printer only allows you to select between three tax filing locations, a notable change from last year. This is because the IRS only offers there filing locations this year. For details, read page 4 of the IRS' Form 1065 instructions. An excerpt:

  1. Partnerships with under $10 million in assets and primary location in the following states file at Cincinnati, OH 45999-0011: Connecticut, Delaware, District of Columbia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, West Virginia, Wisconsin.
  2. All other domestically based partnerships file at Ogden, UT 84201-0011.
  3. All partnerships based in a foreign country or US Possession file at Philadelphia, PA 19255-0011.

By the way, you can download copies of relevant IRS taxforms and filing instructions in .PDF format at our web site (http://www.iclub.com/support/downloads.html). This is a self-extracting ZIP file; simply double-click the file name after downloading, and select a folder in which to place the contents.

NCA 1.04 Support, NCA 2 Upgrade Offer to Expire

Many customers currently using NAIC Club Accounting version 1.04 wonder if the 2001 NAIC Club Tax Printer will work with their product. The answer is yes!! The 2001 NAIC Club Tax Printer imports data files from both NCA version 1.04 and newer versions.

Keep in mind that this is the last year the tax printer software will work with NCA 1.04, and the last year we'll be offering support help for NCA 1.04. Starting January 1, 2003, we'll offer support and tax printer software only for (1) NCA 2 and later versions of our Windows club accounting products, and (2) for NAIC Online Club Accounting (NOCA, at http://www.naic-club.com).

You can upgrade from NCA 1.04 to NCA 2.11 for the special price of just $99 until June 30, 2002. After that date, users wishing to upgrade must pay the full New User price (currently $169 for NAIC members). Purchase the upgrade by calling NAIC Sales toll-free at 1-877-275-6242, ext 0, or buy it online at http://www.store.yahoo.com/betterinvesting/25103.html.

Free tax printer offer from ICLUBcentral and TD Waterhouse

Want to get your tax printer for free? Itís possible with a little help from our friends and yours.

First, buy a tax printer from us--any tax printer. (Win, Mac, online, doesn't matter.)

Then get a friend to open an individual account with TD Waterhouse via the following link:

http://www.tdwaterhouse.com/cgi-bin/rbox/welcome.cgi?adcode=000092

Send us a letter with that friendís name, TD Waterhouse account number, and the serial number from your tax printer. And tell us where we should send the check. (Feel free to throw in any additional info, like your favorite flavor of ice cream or what we could be doing to serve you better.)

With a little bit of help from our friends at TD Waterhouse, weíll return the money you spent on the tax printer: $49 for the Windows or Macintosh versions, $36 for the online tax printer, right back to you and your club.

Letters should be sent to:

ICLUBcentral Inc.
attn: Free Tax Printer
1430 Massachusetts Ave, 2nd Floor
Cambridge, MA 02138

For other promotions that may save you money, please visit us at:

http://www.iclub.com/promotions/tdwaterhouse/

Investment Club Tip #146

Sponsored by Investment Clubs for Dummies http://www.investment-club.com.

Pizza is *not* a deductible investment expense--not even if your club is considering an investment in Papa John's Pizza (NASD: PZZA). If your members can't make any progress in a meeting without a tasty snack, go ahead and feed them, but don't record the costs of foodstuffs as a deductible investment expense on your club books. So what does constitute an allowable investment expense? Consult IRS Publication 550 for details (visit www.IRS.gov for a copy). But think twice before authorizing any expenses in your club--since investment expenses are only deductible to the extent that they exceed 2% of an individuals adjusted gross income, most taxpayers won't get any tax benefit from deductible expenses until they are so large that they won't likely have any positive impact on your portfolio.

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