In This Issue:
An Ounce of Prevention: Dealing With Old Tax Returns
By Daniel R. Abraham, Director of ICLUBcentral Technical Support
In the wake of the 2006 Tax Season, we’ve received around 25 calls from customers looking to re-run their 2005 taxes. They explained that the IRS has asked them to re-send the information. This immediately raised a few questions:
Why didn’t the club keep a copy of their forms? Why didn’t the club have a return receipt of the form delivery? Why did the IRS want this information in the first place, so long after the due date?
The first two issues can be solved by following proper club procedure. The last requires a warning.
Can’t I just use the software?
Tax laws change and the software changes with it -- so if there’s a change in 2006, you can’t count on the 2005 tax printer to understand that change.
Making copies
In our end-of-year instructions that we publish via the newsletter, the web site, and the manual, we remind our Treasurers to make one copy for your members, one copy for the IRS, and one copy for your records. In addition, it never hurts to print out extra copies and make a copy of the PDF on your computer. You can even upload the PDF to the files section at myiclub.com. The only expense is paper to print on or a little hard drive space -- it’s the cheapest insurance you can buy!
When you send the forms in to the IRS, always use certified mail with a return receipt requested. The certified mail receipt provides evidence of filing and shifts the burden of proof to the IRS.
Keep the receipt with your records; make a photocopy, and staple it to your copy of the tax forms.
When the IRS comes knocking
So, why did the IRS want this information? There are two possibilities: First, the IRS may never have received your forms to begin with. Second, it might not be the IRS doing the asking.
Normally, I’d be the last to pass on a warning about scammers -- most are simple and obvious. But this alert comes straight from the IRS, so it’s worth passing on.
If you’ve received an email from the IRS, please visit the IRS website and read the article Suspicious e-Mails and Identity Theft.
If you're still unsure of the emai's validity, contact the IRS at 1-800-829-1040 , Monday – Friday, 7:00 a.m. – 10:00 p.m. (your local time). When calling, you may also ask questions to help you prepare your tax return.
Ask the IRS for your forms back
Lastly, if you have filed and you haven’t kept a copy or your receipt, you can request a copy from the IRS.
So if you haven’t already…Print and save copies of your 2006 tax returns now!
Toolkit 5 Rebate Expires June 30
You only have nine more days to take advantage of the rebate on ICLUBcentral's most popular investing analysis tool, Toolkit 5!
If your club purchases five or more copies of Toolkit betwen April 15 and June 30, we'll send you $20 back for every copy. Just fill out the Toolkit 5 Rebate Form, send it in, and we'll cut you a check. It's as simple as that!
There's never been a better time to get your entire club involved with the nuts and bolts of investing. What happens when only two or three club members do the analysis work? Without new opinions and differing analyses to drive discussion, your club won't be nearly as successful -- or as fun -- as it should be.
We've found that the healthiest and most successful clubs encourage their members to own their own analysis software. It's important for each member to be able to fully participate in creating stock studies and evaluating potential winners for the club. Toolkit 5 is intuitive and easy to learn (perfect for investing novices), but is also powerful enough for even the most experienced investor.
With increased member participation and research comes increased insight and -- ideally -- profit. So, empower your club by visiting the Toolkit 5 Rebate page and downloading a Rebate Form before time runs out!
125 Pages to Accounting Clarity
Baking souffles. Yoga positions. Offspring. Some things in life are better off with instructions.
We at ICLUBcentral have learned -- the hard way -- that thorough, comprehensive instructions are often a necessity. That's why we offer the myICLUB.com manual to be your pocket size savior for all of your Club Accounting Online needs.
Clear instructions help prevent possible mistakes before they happen. That's why the myICLUB.com manual offers step-by-step guidelines that are virtually fool-proof. Say goodbye to accounting errors, stray decimals, and battling with technology. This comprehensive manual will walk you through the overall accounting process, including clear definitions of important terms, screenshots, and straight-forward descriptions of myICLUB-specific procedures.
It's investment club accounting -- you'll always have questions. But by using the myICLUB manual as a resource, you'll be able to solve the majority of your issues yourself without ever having to contact the good folks on the ICLUB Support Team.
Whether you're new to the investment club world, new to myICLUB.com, or even a seasoned veteran, the myICLUB.com manual makes it fun and easy for everyone in your club to become an accounting pro (or at least feel like one). Purchase the rugged, spiral-bound manual today, and be 125 pages closer to Accounting Clarity.
| 
