Scott Gottlieb, CPA

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Balance Budget Act 1997


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March 1998

SCHEDULE D FORMS -Changes in this years forms

Your Schedule D Form is where all taxpayers with capital gains distributions must show their gains detailed rather than just entering those amounts directly on Form 1040. 

Under the new law, long-term capital gains are taxed at rates ranging from 10 percent to 28 percent, depending on how long the assets were held, when they were sold, and what tax bracket you're in. 

The form has been expanded from 19 lines  to 54 lines of potential calculations (higher income filers have 13 more).

Make sure you have all your correct information from your mutual fund companies and brokerage firms.


Accounting Software tip of the month- Excel 97 Bug

A software bug has been found in Excel 97.  The updated Excel 97 Auto-Recalculation Patch resolves a recalculation issue discovered in Microsoft Excel 97 for Windows, which prevents certain cells within a worksheet from automatically recalculating. This updated version also fixes a more recently discovered problem involving shared formulas in Excel 97. If you downloaded the original Excel Patch before March 20, 1998, you should also download this patch.  There is also a patch for Office 97 at Microsoft's site.  Visit Microsoft at


March Words of Wisdom:

We all want to be organized.  Make sure to start now for next year.  A great idea is a PIM - Personal Information Manager.  Microsoft has Outlook 98 but there are many shareware/freeware versions on the Internet.  Go to your favorite search engine and put in "Personal Information Manager" or stop by a local software store for a low cost one.

And don’t forget to add this to your bookmark or favorites menu to help you in visiting us monthly. 

Other issues of NewsBytes see our archives





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The materials on this Web site are for informational purposes only and are not intended and should not be construed as accounting advice. This information is not intended to create, and receipt of it does not constitute, a CPA-Client relationship. You should not act upon this information without seeking counsel from a Certified Public Accountant