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February 1, 2007 - ICLUB News
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ICLUB Insider February 1, 2007

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We're ICLUBcentral. Since 1989, we've been making software and tools for individuals and investment clubs.


Final Federal Forms Now Available for Club Tax Printers

The Final Forms for ICLUBcentral's 2006 Federal Club Tax Printers have just been released, and are available for both Club Accounting 3.1 and Club Accounting Online users. These are the official Final Forms from the IRS, and can be used to prepare and submit your club's Federal tax returns.

Final Forms for supported State returns are still in development, and will be released as soon as possible. Until then, State Tax Printer software will continue to only include unofficial Draft Forms.

Club Accounting 3: After purchasing and installing the 2006 Federal Tax Printer software, open Club Accounting 3 and click on the Taxes tab at the top of the window. Make sure you are connected to the Internet, and select "2006 Tax Printers" from the drop-down menu. The Auto-Updater feature will then download the Final Forms and you can prepare your club's Federal taxes.

Club Accounting Online: All software updates are automatic for Club Accounting Online users. After purchasing and installing the 2006 Federal Tax Printer software, make sure you are connected to the Internet and click on the Taxes tab at the top of the Club Accounting Online window. Select "2006 Tax Printers," and the software will automatically access the Final Forms, allowing you to begin to prepare your club's Federal taxes.

For installation questions, please contact the ICLUBcentral Support Team.

Club Accounting 3.1 Tax Printers can be purchased as either a download or as a pressed CD -- now shipping.

Club Accounting Online Tax Printers will be accessible under the Taxes tab on your website following purchase.

For help with ICLUBcentral's Club Accounting products, contact our Support team.

Club Accounting 3.1.1 Update

Club Accounting 3.1 has recently been updated! Please read this section carefully in order to learn how to update the version of the program that's already installed on your computer to the new 3.1.1 release. We recommend that all clubs install 3.1.1 before completing their tax filings.

The improvements and enhancements in version 3.1.1 include the following:

  • Income & Expense/Balance Sheet totals corrected

  • The payout date for a 2-part withdrawal can now be left blank

  • Transaction search limiters now mutually exclusive

  • Earnings allocation method now saved into export file

  • Overall club return calculation corrected

  • Graph displays altered for increased clarity

  • Limited the 'Inclusive club return' value to only show when option is selected

  • Changing initial unit value setting now refreshes status page

  • Donated stock is now removed from the club's ownership

Visit the for a complete list of changes.

Installing the Update

The Club Accounting 3.1.1 update is available via the Auto-Updater feature built into Club Accounting 3.1. -- before attempting to install, please check your Internet connection to make sure that you are online.

If you have "Automatically Check for Updates" selected in your Preferences, then the software will connect to the Internet and search for available updates (if you have already installed 3.1.1, the updater will pop up saying "There are no updates available"). Click OK to download the 3.1.1 update. The update will download discreetly in the background. You will then be prompted to install the update, by clicking OK and then closing the program. Once the program is closed the update will install, and the program will re-open.

If the Auto-Updater has been turned off and your software does not automatically check for updates, click the Help button on the top menu bar and select "Check for Updates" from the drop-down menu. The software will then search for available updates. Continue the installation in the same manner as above.

Note: You will have to restart your Club Accounting software at the end of the installation.

Upgrade From Older Versions

You must be using version 3.1 of Club Accounting in order to install 3.1.1. To find out which version of Club Accounting you are currently running, click Help, and then select "About Club Accounting" from the drop-down menu. If you are using version 3.0.9 or earlier, please contact our Technical Support team.

Those users still running versions 1 and 2 of Club Accounting are encouraged to take this opportunity to upgrade to the latest version of the software, as these earlier versions do not recognize the recent changes in federal tax law, and will be unable to use the 2006 Tax Printer software. Remember, support for Club Accounting 2 ended on October 16, 2006.

For any upgrade or installation questions, please contact our Technical Support team.

IRS Extends Tax Deadline

The IRS recently extended the deadline for filing Federal tax returns by two days -- instead of the usual April 15 deadline, your Federal filings (both for individual and investment club) are now due on April 17.

April 15 falls on a Sunday this year. Monday, April 16, is Emancipation Day and is an official holiday for the IRS offices in Washington, DC.

However, the schedule for State returns has been left to the discretion of the individual State agencies, and not all states have complied with the IRS's scheduling change. Your individual and investment club filings for your State may still be due on April 15.

For more information and a listing of amended State tax schedules, please visit the IRS website or contact the IRS.

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© Copyright 2007 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

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