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Number Crunchin' News |
JANUARY LUNCHEON MEETING
MINUTES
taken by Holly Adamscheck,
Secretary
The Santa Barbara Bookkeepers Assn. met for its general meeting at 11:30a.m., Tuesday, January 15, 2002 at Mulligan’s Café. There were 29 in attendance and 2 new members, Andrea Carr and Lynn Spicer. Guests who attended were Laura Teague, Erin Ossewarde and Mary Ann Cassidy. Two job announcements were made and the free lunch was won by Anita Blume.
Our own Ken Jurgensen spoke about email that included discussion of specific areas regarding email (covered many times) when requested by his audience. He presented a written outline that covered access (home and work), virus information, wireless peripherals and computer connections, definitions including; firewalls, routers, dsl, cable and ISDN as well as broadband. Ken also discussed how lap top computers talk to desk computers. How to access remote clients and some of the software used to do this was also valuable information Ken shared with our group. Ken’s discussion about attachments was very informative and all too short. THANKS, Ken for a very valuable and informative talk!
We need volunteers for the Summer Luncheon. If you are interested, please contact one of our presidents, Caron Garliepp or Vicki St. Martin. Information on how to contact either of these ladies is on the back of the Newsletter.
Here's an important tip submitted by Mark Schneiderman
of Mark Schneiderman Insurance. I hope you find it informative
and useful. Please pass it on to those you love!
Ever receive an envelope from the IRS? Makes you tighten up a
little. How about if you open it, and it says you OWE more taxes?
That just stinks.
Unfortunately, many taxpayers fail to include some of their income on their
return ... things like interest and dividends received from banks, investment
brokerages, mutual funds and other sources. These entities report such income to
the IRS, and the IRS cross-checks almost all of these reports with
taxpayer returns.
Tip 1: So, when you complete your return, make certain you don't leave out
any of these income sources. If you do, you may owe penalties and
interest on top of the tax due on the income.
BUT ... if you get one of these notices, it could be a mistake! The General
Accounting Office, which audits the IRS, reports that about half of the
correction notices the IRS sends out are, in fact, incorrect!!
Tip 2: So, don't take the IRS's word for it if you get such a
notice. Check your records and the math. If the notice is in error,
contact the IRS and find
out how to contest the notice. You may be able to get some info on the IRS
website at
Paying taxes is stressful enough. Please verify all your income sources, and
don't assume that the IRS is correct when it sends you a notice saying you owe
more taxes.
Mark Schneiderman
Come and Learn
In keeping with Board policy and the stated purpose of this organization to provide an exchange of information and further the education of our members, the Newsletter Committee will maintain a calendar listing of educational opportunities available to members and the public. THIS LISTING WILL CONTAIN INFORMATION THAT YOU SEND IN. (notice there isn't any this month.) Please send your contributions to the editor prior to the fifth of the month to have them included in that month’s newsletter.
ARE YOU COVERED?
When you think of business liability insurance, you probably think that by having a policy, you are covered for everything connected with your business. Not true! Your business liability policy does not cover claims arising from negligent acts arising from negligent acts, errors or omissions in the conduct of your business. This can be a big exposure, as demonstrated in the Enron situation with Anderson. You may never face a situation like that, but any professional, regardless of the service they perform, can never fully escape the possibility that their work may fail to meet their clients’ expectations. And, you know what it’s like in today’s business environment, especially in California. All it takes is one dissatisfied client to place your career and personal assets at risk. Without insurance, the financial consequences of a professional liability lawsuit can be devastating. Even with a lawsuit with no merit, the cost of defending yourself can be staggering. You can protect yourself with a professional liability or errors and omissions (E&O) policy. An E&O policy from a reputable carrier transfers this risk from you to the insurance company. When looking for a policy one should consider the following factors:
You need to decide if an E&O policy should be part of your overall financial plan. It certainly will help you sleep better at night! Costs of a policy will vary by the amount of annual gross receipts, but premiums are generally pretty reasonable. There is no obligation to get a quote.
Mark Schneiderman, CLU
(888) 294-9196
This month’s newsletter editor is Jo Rogers and Jo thanks Caron Garliepp for proofreading this newsletter as well as Mark Schneiderman for his informational contributions. Next month’s editor is Sandy Stites
The Not So Fine Print