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December 20, 2003 - ICLUB News

ICLUB Insider December 20, 2003


SAVE $10!!
Only 11 days Left for Tax Printer Discount

The NAIC Club Tax Printer and NAIC State Tax Printer are the only tax software products licensed by NAIC to work with NAIC Club Accounting software. The software helps you generate Federal and state tax forms, respectively, for your investment club and its members. It just takes a few minutes to print the forms, which you can then sign and mail directly to the IRS and relevant state tax authority.

You can pre-order the official NAIC Club Tax Printer at a $10 discount until January 1, 2004. That's only 11 days away, so act soon! Useful tax-related links and detailed information on the NAIC Club Tax Printer may be found at

1st of 3 articles
Tax Tips for Treasurers: 2003

Every year, we help tens of thousands of investment clubs file their taxes. This three-part series of tips answers questions treasurers frequently ask us and corrects some common misconceptions.

Who needs to file taxes?

  • All investment clubs that were active during the fiscal year 2003. This means that all clubs with any income or any expenses must file.
  • Your club must file taxes even if your club is disbanding.
  • Your club must file taxes even if your club has no gains.
  • When should I prepare the club taxes?
    Before generating club tax forms, wait until you have all necessary year-end statements from your broker and bank. Brokers and banks have until February 2, 2004 before they have to deliver 2003 year-end statements, so depending on when you receive this information, you may have to wait until early February 2004 before you can close your 2003 year-end books. Most clubs must complete and remit 2003 tax filings to the IRS before April 15, 2004.

    How do I close my books? Directions for clubs using NCA 2.5.

    1. First, make sure you have version 2.5 or higher of NAIC Club Accounting installed on your computer. Earlier versions are not compatible with the new Federal tax laws. The update to version 2.5 is free for clubs with a current Support Agreement. Visit to download the update.
    2. Make sure that mutual funds/REITs/“other” securities owned or sold in 2003 are appropriately identified in the Security Profile Screen, which is in under Accounting > Security Section. Select each security, then make sure the type listed is correct. Check with your broker if you are unsure.
    3. Verify that all transactions for dates up to and including December 31, 2003 have been entered in your NAIC Club Accounting software.
    4. Confirm that you have entered the ex-dividend date for all security dividends received. Under Accounting > Security Section, choose “View/Edit/Delete Security Transactions”. For each dividend, confirm the ex-dividend date. Check with your broker or the company’s website if you’re unsure.
    5. Make sure you have created a valuation date for December 31, 2003. Do not use the Valuation Statement for your December meeting to close your club's year-end books.
    6. Use the Audit task to check—and if necessary, correct—any internal inconsistencies which may have crept into your books. The Audit task is located in the Utilities area in NCA 2.5.
    7. Run a Distribution of Earnings for 12/31/2003. This task is located in the Utilities area.
    8. Go to the Reports Menu and print a Distribution of Earnings Statement for the interval January 1, 2003 to December 31, 2003, and an Income and Expense Statement and Balance Sheet for the same interval. Make sure every member of your club has access to these reports.

    Gift idea: NAIC Take Stocking Stuffer

    Put the "stock" back in "stocking" -- give the gift of investing know-how this holiday season!

    NAIC’s newly introduced Take Stock software makes it magically easy to learn and apply NAIC's time-tested investing methodologies. It's simple enough for a beginner to get started immediately and convenient enough to help even advanced investors get a quick read on a stock.

    Most of us know someone -- a grand-daughter, nephew, neighbor, father, or friend -- whom we wish was more savvy about investing. The perfect gift for that person is NAIC Take Stock, a great first step on the path of financial independence. For more details, please visit or call NAIC at 1-877-275-6242, ext 0.

    Combining Tools
    Searching the IAS Archives with NAIC Investor’s Toolkit
    by Doug Gerlach, IAS Editor-in-Chief

    Subscribers of the Investor Advisory Service frequently ask about searching the archives for old evaluations of stocks they’re interested in. This is very easy; the IAS archives are searchable at Just select IAS in the "Type" dropdown box.

    One way to make this functionality more efficient and hopefully more useful is to add a ticker-specific search link in your stock analysis software to automatically search the IAS archives for evaluations of a stock that you're studying.

    Here's what you do:

    • In Investor's Toolkit, before opening any SSGs, click the "Internet" button on the main toolbar, then click the "Favorites" tab.
    • Click the "Add" button, and then enter the following:
          - In the "Name" field, enter: *Investor Advisory Service archives
          (Leave the asterisk at the beginning of the name. Leave the "Ticker" field blank.)
          - In the "URL" field, enter:
          (If the above line wraps in your email, make sure to recombine the lines and paste the entire string into the field.)
    • Click OK to close the data entry box, then click OK to close the Internet Access dialog box.
    • Now, open an SSG and click the "Internet" button in the SSG toolbar (right above the SSG), and select the "Investor Advisory Service archives" option. You'll be taken to the IAS archives on the NAIC web site where you'll see a list of the recent issues that included news on that stock. The summary text won't reference the company directly, since those summaries only include the first portion of the "News of Companies" articles. Once you click on a link, you'll need to scroll down or use your browser's search function to find the specific news about the stock.

    You'll need to be an IAS subscriber to access any of the links, of course. But this is a quick way to check to see if IAS covers (or did cover) a stock that you're examining.

    Product Buzz: Updates on our NAIC Software Products

    The InvestWare Insider always carried succinct product updates and relevant links. Continuing and expanding upon this, we'll periodically include information on all our NAIC Software products as follows:

    NAIC Classic (Plus).....................................Current Version: 2.1.0001
    Order ]        [ Info ]        [ Download demo ]       

    NAIC Investor’s Toolkit (Pro).........................Current Version: 4.0.18
    [ Order ]        [ Info ]        [ Download demo ]        [ Updates ]       

    NAIC Take Stock............................................Current Version: 4.0.0
    [ Order ]        [ Info ]        [ Download demo ]       

    NAIC Stock Analyst....................................Current Version: 3.0.0001
    [ Order ]        [ Info ]        [ Download demo ]        [ Updates ]       

    NAIC Stock Prospector...............................Current Version: 2.5.0037
    [ Order ]        [ Info ]        [ Download demo ]       

    NAIC Club Accounting..................................Current Version: 2.5.11
    [ Order ]        [ Info ]        [ Download demo ]        [ Updates ]       

    NAIC Online Club Accounting................................Always Current!!
    [ Order ]        [ Info ]        [ Demo website ]       

    2003 NAIC Club Tax Printer.......................Current Version: 1.0.2003
    [ Order ]        [ Info ]        [ Download available soon ]       

    2003 NAIC State Tax Printer.......................Current Version: 1.0.2003
    [ Order ]        [ Info ]        [ Download available soon ]       

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