AccountingWEB

Client Newsletter Content

AccountingWEB, Inc.

PO Box 68748

Indianapolis IN 46268

(317) 876-7525 Fax (317) 471-3508

Email: sales@accountingweb.com

INTRODUCTION

AccountingWEB, Inc. is pleased to provide its members with this service of providing Client Newsletter Content. Enrolled members are free to reproduce any of the stories created for this Client Newsletter Content in any format they choose. You can cut and paste the stories into an email format, use the content for your firm's web site, or send a professionally prepared newsletter in the mail to your client base. Each month, AccountingWEB will prepare five topical stories, tips, ideas etc. for you to share with your clients. Whether you create a newsletter mailing or send the document as an attachment using email, your clients will appreciate the information you are providing them.

ABOUT THE CLIENT NEWSLETTER

Each month, enrolled members of this service will receive five topical stories, tips, ideas and other materials to reproduce in the firm's client newsletters or on your web site. You can use one story or all five, you make the call. You can send a story a week to your clients, just to keep them updated on a weekly basis. Create a professionally designed newsletter to your clients to assist your firm in keeping in touch with your clients on a regular basis. If you have information that you would like to share with your clients, this is the perfect excuse to do so? With this helpful content newsletter, you can add your own logo, company information, deadlines etc. and add the AccountingWEB helpful business ideas to assist your clients and prospects in their day-to-day businesses.

You are free to add your company logo, print the newsletter on your company letterhead or present it any way you feel appropriate.

NOTE - Disclaimer: By utilizing these materials, you agree to hold AccountingWEB harmless for any action taken by any client, which may result in actions taken against your firm. Your firm/organization agrees that this information/content will not be resold in any form. The use of this document and it's content can not be reproduced for sale.

FEE STRUCTURE/COST

AccountingWEB offers the following packages for your convenience.

1. $59.00 Per Month (one content news letter) 5 Stories

2. $160.00 Per Quarter (three content news letters) 15 Stories

3. $500.00 Per Year (12 content news letters) 60 Stories

You can purchase this Client Newsletter Content package by submitting the form below and providing AccountingWEB, Inc. with your billing information or complete the form below and AccountingWEB will invoice you for this service if you would prefer. All payments are net 30 days.

WHAT YOU GET

AccountingWEB, Inc. will send you a word document (Word 95, Word 98 or 2000 format) each month. You can then take the word document and add your own content and firm logo, or you can use bits and pieces of the content on your web site or share it with you staff. Each of the five stories per month are prepared by the AccountingWEB editorial staff and are approximately 500-2000 words in length. You will also get the upcoming tax deadlines for the up coming month. Keep you and your clients on track.

You will also get tips and ideas for creating your firm newsletter. We will share ideas each month on how you can keep your clients coming back for more. AccountingWEB will also provide helpful marketing tips with each Client Newswire Content package.

TIPS ON PREPARING YOUR CLIENT NEWSLETTER

Once you have begun to gather e-mail addresses (opt in) from your clients, prospects and other interested parties, you need to reach out to them on a regular basis. One of the best ways is to prepare a monthly newsletter that will make them pleased that they are part of your firm and client base.

Here are some helpful tips on getting your e-mail newsletter opened, read and acted on:

THE SUBJECT LINE

Do you ever go through your email in-box and delete messages without even opening and reading them? Most of us do. There is just too much e-mail and too little time. That is why it is critical for your e-mail firm's newsletter to have a subject line that makes people want to read more.

Use good judgment when creating your subject line; don’t use misleading enticing words to lure your members in. For example, don't use a subject line reading something like "Our January Newsletter." Instead, use a subject line that engages your reader's attention with an interesting topic or headline from the newsletter, such as "XYZ - Venture Capitalists Explain How to Get Funded" or "New Tax Legislation Act Law of the Land." Build your brand awareness with these newsletters. Your clients will look forward to your firm's name appearing in their email inbox monthly.

HTML OR TEXT

If your audience/clients are primarily opening your newsletter at the office or during office hours, then you may want to go with HTML. Otherwise stick to text for the time being. If you decide to go 100% for HTML, you will need to create a text-only version for clients that may prefer text, and for people who's e-mail systems cannot accept HTML.

LENGTH AND REGULARITY

General rule of thumb: the more frequent your newsletter is, the shorter it should be. People will happily open a short "Joke of the Day" or their daily horoscope; but almost no one wants to get something longer than that every single day!

So, keep dailies to a page or less and weeklies to five-seven pages or less. Biweeklies and monthlies can be longer — only if you have truly interesting information to impart. Never go longer just for the sake of length.

MAKE IT EASY FOR YOUR CLIENTS TO READ

When you are preparing a newsletter, set your word processing program so you are writing in the same format that it will appear in on recipient's screens. For text-based newsletters that means 10 point Courier type going 60 characters (five inches) across.

Unless your newsletter is unusually long, your readers will probably try to read it on their computer screens. Your job is to make this as easy as possible for them.

Another way to assist in making your newswire appealing is to add a table of contents at the top. On-screen readers don't want to work hard to find pieces of information that are valuable to them inside your newsletter. Tell them up-front what will be in it so they can scroll quickly and easily to the section of their choice. In fact, usability studies show that most people won't look beyond the first screen of information if there is not something immediately interesting to them. Give them a reason to scroll down!

Always add an issue number to your newsletters. This will help your clients find pertinent information after the fact. It is also a good reference tool for the firm as well.

TONE AND ATTITUDE

Don’t be afraid to make your newsletter's tone personal and casual. People crave a little humanity behind the professional corporate mask. They respond much better to newsletters that are written by one particular individual at a company who they can get to know over time.

Readers like little personal comments that could only come from a single human being. Break away from the so-called "corporate-speak" a bit, and use a more casual approach. Be professional at all costs, but don't be afraid to be human.

Share ideas with your clients, keep them posted on relevant things going on at your firm. Keep them educated and informed!

A Special Feature From AccountingWEB

Anti-Spam Efforts May Affect YOUR Ability

to Send E-mail

Pay close attention to your e-mail inbox. If you get a message saying that an e-mail you sent to a legitimate friend or business colleague is undeliverable, it may mean that YOUR e-mail server has been identified by a third party as unsecured, and is being blocked by the recipient because of anti-spamming filters they have in place.

Anti-Spam efforts have sprung up a cottage industry of experts trying to find ways to get ahead of the spammers to protect you from "junk mail." However, in their zeal to set up Spam filters, these solutions have also led some legitimate users - accounting firms included - to be identified as potential spammers and have blocked the ability to receive even these legitimate e-mails.

One such effort is ORDB.org, the "Open Relay Database." ORDB.org is a non-profit organization, which stores a list of machines, which are identified as "open SMTP relays" which means that sophisticated spammers could "hijack" your e-mail server to send unsolicited e-mails through.

This may all sound very technical, but the bottom line is that if your organization's e-mail server is configured in a way that has identified it as "open," then your e-mails may be blocked on the receiving end.

What should you do if your e-mails are being returned?

1. Check your e-mail inbox. Pay attention to your inbox and watch out for any messages that say "Service Unavailable" or other subject lines that would indicate that your mail did not get through. You are the front line in solving this problem for your organization.

2. Deal with the business at hand. Recognize that the intended recipient did NOT receive your e-mail. If it is a critical business function, call the recipient to complete your business.

3. Look at the error message. If you receive a message that "service is unavailable" for a recipient of your e-mail, open that message to verify that you have the correct e-mail address. If the address is right, look for other text that may refer to "ORDB," "open relay," "blackholed" or "blocked."

4. Report it to your IT department. If any of the words in #3 above are included in the body of the message, then action needs to be taken. Getting your company de-listed from the ORDB.org database is a fairly simple process, but your company must be the one to initiate it. Contact your network administrator and report the problem, and refer them to http://www.ordb.org/faq for further instructions.

Your Firm Name and Logo Here

March 2002

1. IRS Adds Protection on Taxpayer Shelter Disclosures

2. Patriots' Day Gives Certain Taxpayers Extra Day to File Return

3. LLP Structure Will Be Put to the Test

4. Give a Consistent & Professional Look to Your Excel Workbooks

5. IRS Extends Deadline for Household Employees' W-2 Forms

Tax Calendar: Don't miss an important filing date. Use tax calendar to stay up-to-date. You can add your company's' own deadline information here.

What's News

This is where you can place your firm news and update your clients on what is happening within your firm or organization. Be creative, be real, and share success stories with them. You may want to share with them that your organization held a blood drive, donated time to a local charity etc. Share your recruiting successes and promotions. Highlight employee success stories.

NOTE: Disclaimer: By utilizing these materials, you agree to hold AccountingWEB harmless for any action taken by any client, which may result in actions taken against your firm. Your firm/organization agrees that this information/content will not be resold in any form. The use of this document and it's content can not be reproduced for sale.

IRS Adds Protection on Taxpayer Shelter Disclosures

Midway through the 120-day window of opportunity for people to disclose tax shelter transactions, the Internal Revenue Service has taken new steps to protect the right for taxpayers to assert attorney-client and work-product privileges when they voluntarily disclose tax shelter transactions.

"Some taxpayers have indicated that they want to make a disclosure, but they are concerned that the production of certain documents and opinions may be a waiver of the attorney-client and work-product privileges. The IRS has developed an agreement to address this concern," said Larry Langdon, Commissioner, Large and Mid-Size Business Division.

On Dec. 21, 2001, the IRS started the 120-day "window of opportunity" for taxpayers to voluntarily come forward and disclose tax shelters and other questionable items reported on their tax return.

The IRS said 21 taxpayers have disclosed losses under an initiative aimed at encouraging taxpayers to disclose tax shelters. Halfway into the disclosure initiative, these taxpayers have disclosed more than $1 billion in claimed losses.

The disclosure initiative is part of the effort by the IRS and the Treasury Department to identify and shut down tax shelter activity. The IRS is taking this step because information obtained through disclosures helps the IRS more readily identify tax shelter promoters who have not registered and find other taxpayers who have not disclosed their participation in a tax shelter.

The IRS hopes to encourage taxpayers to disclose tax shelters and other questionable items that may have resulted in an underpayment of tax by waiving certain accuracy-related penalties that might apply to the transactions. A taxpayer is not required to agree that the disclosed tax shelter or item resulted in an underpayment of taxes in order to avoid penalties.

Taxpayers who make disclosures must, among other things, describe the material facts of the transaction, provide the names and addresses of the promoters who solicited the taxpayers’ participation, provide upon request copies of materials and documents related to the transaction or item and sign a penalties of perjury statement regarding the accuracy of the information provided.

The IRS will waive the accuracy-related penalty for underpayment of taxes attributable to one or more of the following: (1) negligence; (2) substantial understatement of income tax; (3) certain substantial valuation misstatements; or (4) substantial overstatement of pension liabilities.

The disclosure initiative will not apply to taxpayers involved in fraud, criminal conduct, the concealment of a foreign financial account or foreign trust, or the treatment of personal expenses as deductible business expenses.

The IRS encourages taxpayers who have reported questionable items on their tax returns to come forward. Disclosure creates no inference that the taxpayer’s tax treatment of the item was improper or that the accuracy-related penalty would apply.

To make a disclosure, taxpayers should submit the disclosure information to their assigned IRS Team Manager or, if not under Examination, submit the information to:

IRS Office of Tax Shelter Analysis
LM:PFTG:OTSA
1111 Constitution Ave, NW
Washington, DC 20224

Details of this are contained in IRS Announcement 2002-2. A copy is available at the IRS Web site at www.irs gov. For more information, call the IRS Office of Tax Shelter Analysis at (202) 283-8425.

Patriots' Day Gives Certain Taxpayers Extra Day to File Return

April 15 - known to most citizens, as the day tax returns are due - is a state holiday in Maine and Massachusetts. The Patriots' Day holiday celebrates the battles that began our nation's fight for independence. The real Patriots' Day is April 19, but the day is officially celebrated in these two states on the nearest Monday, which this year is April 15.

It was actually on April 18, at 10 p.m., when the famous lanterns were lit in Boston's Old North Church signaling to Paul Revere the movement of the British up the Charles River to Cambridge. Then on April 19, the shot heard 'round the world was fired and the war for our nation's independence had begun.

So what does this history lesson have to do with taxpayers outside of Maine and Massachusetts? Due to the changes in duties at IRS service centers, residents of several states are filing tax returns at a new address this year.

Taxpayers in Michigan, Rhode Island, and New York (except for all boroughs of New York City, and residents of Nassau, Rockland, Suffolk, and Westchester counties), will file tax returns this year in Andover, MA and thus are granted the extra day, until April 16, to file their return. Residents of Massachusetts also file in Andover and are granted the tax holiday. Residents of Maine file in Philadelphia this year, but are granted the holiday because the Maine post offices will be closed on the 15th.

To decrease confusion, the IRS is extending the filing deadline for estimated taxes for residents of these states as well, even though the estimates are not filed in the same location as the tax return.

Taxpayers in Connecticut, New Hampshire, and Vermont who used to file their tax returns in Andover have been assigned a Philadelphia mailing address and will no longer benefit from the Patriots' Day tax holiday.

LLP Structure Will Be Put to the Test

The Limited Liability Partnership - LLP - is a rather new entity, created in the last decade as an alternative to traditional partnerships, offering the protection of a corporate structure by limiting the personal liability of partners in an organization.

But LLPs are created under state law, and each state can decide how to treat the entity when it comes to assigning liability. The durability of the entity has not yet been tested, but there is a likelihood that Andersen's audit of Enron will put the strength of the LLP to the test.

In a corporation, when officers of the corporation act irresponsibility, they can be held personally liable for corporate debt resulting from those actions. In an LLP, if it can be proved that partners acted irresponsibly, can those partners be held personally liable? That is a question various state courts will be examining as the facts come out regarding the shredding of documents and deleting of e-mail messages that were conducted in the Andersen offices.

"You work for Arthur Andersen, you commit malpractice, you are liable for that malpractice. The client can take your house and car and everything else," speculated Larry Ribstein, a law professor at George Mason University who has studied and written extensively about LLPs.

What apparently remains unclear is how far personal responsibility can permeate the entity. Should partners who were not involved in the Enron engagement be held liable for the actions of others? This is one issue the courts will be examining in months to come.

Excel Tip - Give a Consistent & Professional Look to Your Workbooks

If you are a stickler for consistency and want to maintain a consistent and professional look in the documents your firm sends out, then you can use this simple macro that automatically formats your company workbooks with certain essentials.

This tip below will help you create a macro you can use to insert a custom footer or header into your all of your firm's documents.

To create the macro do the following:

1. Open a new Excel workbook.

2. From the Tools menu, point to Macro and then click Record New Macro.

3. In the Macro name text box, type the name for the macro, such as companypage.

4. In the Store macro in list, select Personal Macro Workbook. (Note: You must save the macro in your Personal Macro Workbook, or it will be lost.)

5. Click OK.

6. On the View menu, click Header and Footer.

7. Click the Custom Footer button.

8. Click in the Left section, Center section, or Right section box, and then click the buttons to insert the header or footer information you want in that section; or, type in your own information such as Company Name, Address etc.

9. You can customize the font by clicking the Font button (the button with a large A) to change the font attributes.

10. Click OK.

11. On the Tools menu, point to Macro, and then click Stop Recording.

To use this new macro in a document, do the following:

1. Open a new document.

2. From the Tools menu, go to Macro, and then click Macros.

3. In the Macro name box, click the name of the macro you want to run.

4. Click Run.

You can click Print Preview to see what your footer or header will look like.

IRS Extends Deadline for Household Employees' W-2 Forms

The IRS has announced that W-2 forms for household employees are due this year on February 15 instead of the original January 31 deadline. The change is due to the fact that the booklet that contains the forms and instructions for household employee W-2 forms, Package H, was not mailed until January 25, giving employers little time to meet the January 31 deadline.

Employers cannot download forms suitable for filing from the Internet - the forms must comply with IRS rules for paper and ink. Employers who do not receive Package H in the mail may request a mailing by calling the IRS at 1-800-TAX-FORM. Employers may also obtain forms from IRS offices that supply forms to the public. Some IRS offices have discontinued supplying forms this year, so be sure to call before making a trip.

Employers of household employees are required to file W-2 forms if they withheld or paid Social Security or Medicare taxes for employees last year or if they withheld federal income tax. You can find more information on rules for employers of household employees on the IRS Web Site.

The February 28 deadline for employers of household employees to file W-3 forms with the Social Security Administration remains in place.

Tax Calendar for March 2002

March 1

Farmers and fishermen. File your 2001 income tax return (Form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2001 estimated tax by January 15, 2002.

Excise--Regular method taxes. Deposit the tax for the first 15 days of February.

March 11

Employees who work for tips. If you received $20 or more in tips during February, report them to your employer. You can use Form 4070.

Excise--Communications and air transportation taxes under the alternative method. Deposit the tax included in amounts billed or tickets sold during the first 15 days of February.

March 14

Excise--Regular method taxes. Deposit the tax for the last 13 days of February.

March 15

Corporations. File a 2001 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.

S corporations. File a 2001 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Credits, Deductions, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.

S corporation election. File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2002. If Form 2553 is filed late, S treatment will begin with calendar year 2003.

Electing large partnerships. Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income (Loss) From an Electing Large Partnership. This due date is effective for the first March 15 following the close of the partnership’s tax year. The due date of March 15 applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 8736 or Form 8800.

Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in February.

Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in February.

March 27

Excise--Communications and air transportation taxes under the alternative method. Deposit the tax included in amounts billed or tickets sold during the last 13 days of February.

March 29

Excise--Regular method taxes. Deposit the tax for the first 15 days of March.