| ICLUB Insider |
December 13, 2006 |
THE LATEST NEWS ON
INVESTING SOFTWARE BUILT BY ICLUBCENTRAL INC.
Summary
As Johnny Mathis is often heard crooning during the holiday season, "It's the most wonderful time of the year!" We're pretty sure that he's not celebrating ICLUBcentral's Club Tax Printers, but that's no reason why you can't -- especially now that the 2006 Club Tax Printers for Club Accounting 3.1 have been officially released for download!
If you have already pre-ordered the Club Accounting 3.1 Tax Printers, you may now download the draft form software directly from the ICLUB web site. In order to complete the installation of the program, you must use the serial number provided to you in your purchase confirmation email.
(Note: if you've pre-ordered the Tax Printer on CD, we're happy to report that they're going to the factory now and are expected to ship before the end of the year.)
If you use Club Accounting Online, please continue to stand by. The Club Accounting Online Tax Printer will appear on the Taxes tab at your club's myiclub.com website when it's ready for use.
If you haven't purchased your Tax Printers yet, what are you waiting for? Learn how to save $30 off the standard price and buy your club's Tax Printers today!
Remember: the Tax Printer software you download today will still use "Draft" forms -- until final forms are released by the IRS and the various state tax agencies, all Tax Printers will only generate these preliminary forms. They cannot be used to prepare your final returns; any forms submitted using draft forms will be rejected by the IRS or state agency.
Final forms may not be available until February 2007 (and perhaps later in some instances). ICLUBcentral makes every effort to release final forms as soon as possible; the release of draft forms allows you to ensure that your software installation is successful and that your data has been entered properly prior to generation of final forms. (This is just one more reason why you should order your Club Tax Printers early!)
When final forms are released, ICLUBcentral will release updates to the Club Tax Printer software that will be delivered to your computer via the auto-updater functionality that is built into the programs. As long as you are connected to the Internet (and your firewall allows the Club Tax Printer to communicate with the ICLUBcentral web site), the update will be downloaded and installed automatically for you.
How Do I Close My Books?
by Daniel R. Abraham, Director of Technical Support
Strictly speaking, "closing the books" is a misnomer. You don't have to put everything on hold while you finish out last year's transactions. You can continue to record next year's transactions while finishing this year's transactions in preparation for filing the partnership tax return.
A few warnings and reminders to start:
- If you are still using Club Accounting versions 1 or 2, you must move to Club Accounting 3.1 (CA 3.1) or Club Accounting Online (CAO) to run your taxes.
- Do not enter ANY transactions on 12/31 except the valuation. No deposits, no sales...nothing. If the broker or bank say the transaction is on the 31st, move it to the 30th in the software.
- If you can't make it on time, you can ask the IRS for an extension. Visit www.irs.gov for more information. The partnership return is due on April 15th.
- Want to know how Club Accounting determines how to fill out the form? Check our support page.
You will not be able to finish processing the year's transactions until...(Continue reading at iclub.com)
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This holiday season, give the gift of investing know-how. Subscribe to the Investor Advisory Service, and get the edge you need to beat Wall Street.
Read past newsletters, subscribe, or unsubscribe at:
http://www.iclub.com/newsletters/
© Copyright 2006 ICLUBcentral Inc. All rights reserved.
Some ICLUBcentral products use the investing methodologies of BetterInvesting, a national nonprofit organization dedicated to investor education. BetterInvesting assumes no liability or obligations with respect to the investment education information or other content presented in the ICLUB Insider. For more information on BetterInvesting, please visit http://www.betterinvesting.org.
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