Cream of the Crop 1/Cream of the Crop 1.iso/BUSINESS/SBA62.ARJ/FSBA.EXE/F134.SBE

Text File | 1992-04-30 | 29KB | 572 lines

               ┌───────────────────────────────────────┐
               │ UPDATE INFORMATION---CHANGES SINCE THE│
               │ LAST QUARTERLY RELEASE OF THE PROGRAM:│
               └───────────────────────────────────────┘

                          FEDERAL LAW CHANGES:
                          ────────────────────


  .  ESTIMATED TAX PENALTIES.  Updated to reflect 1991 amendment to
     the individual estimated tax rules, which now limits the use of
     the safety zone based on 100%-of-last-year's tax where:

         (a) adjusted gross income increased over $40,000 from the
             prior year;

         (b) the taxpayer's adjusted gross income is over $75,000 in
             the current year; and

         (c) the taxpayer paid estimated tax for at least one of
             the three preceding tax years (or was assessed a
             penalty for failing to do so).

  .  INCREASE IN CORPORATE ESTIMATED TAX REQUIRED PAYMENTS.  Updated
     to reflect January, 1992 amendments (and FURTHER amendments in
     February) to the corporate estimated tax rules, which now require
     an increase in the percentage of current year estimated tax, in
     general, that must be paid in by corporations to avoid penalty,
     for years 1992-1996.  Prior to 1992, corporations were generally
     required to pay in 90% of the current year's tax as estimated
     tax payments.  However, during the next few years (1992-1996),
     the percentage to be is paid in as estimated tax is increased
     as follows:

         . 1992           -- 93%

         . 1993 THRU 1996 -- 95%

     (The initial revisions, which you may have heard about, would
      have phased-in the increase, to 94% in 1993-94, but Congress
      changed that law, to the above schedule, within a couple of
      months of its passage.  Things change faster and faster....)

  .  AMERICANS WITH DISABILITIES ACT.  A new section has been
     added regarding the sweeping new requirements of this new
     legislation, passed in 1990, which is going into effect, in
     stages, in 1992 through 1994.

  .  NEW CIVIL RIGHTS ACT.  All about the "hiring quotas" controversy
     in the new Civil Rights Act of 1991, and what it means to you.
     While we are still trying to figure out exactly what this complex
     new legislation really means (as are a lot of other people,
     including battalions of lawyers), once the smoke clears a bit on
     some of the hazier parts of the new law, we have included our own
     in-depth analysis, plus advice to employers on what you may need
     to do to comply with the much tougher new anti-discrimination
     rules, where they apply to your firm.

  .  SEXUAL HARASSMENT IN THE WORKPLACE.  If, like most Americans, you
     were glued to the small, glowing tube in your living room for
     several days back in October, 1991, watching the Clarence Thomas-
     Anita Hill soap opera unfold, you are probably already aware that
     sexual harassment has become an explosive legal issue in the
     workplace today.  This update of this program includes detailed
     advice on how to prevent such harassment at your firm, as well as
     how to protect yourself from liability for such acts committed by
     renegade employees, if any such harassment does occur at your
     place of business.

  .  INDEPENDENT CONTRACTORS.  The independent contractor
     checklist has been supplemented with a number of guidelines
     and suggestions for structuring arrangements with workers
     whom you wish to treat as independent contractors, to
     increase your odds of withstanding an IRS audit as to
     their status as independent contractor vs. employee.

  .  FEDERAL WAGE/HOUR LAWS.  New material has been added, giving
     details of the exemption from FLSA coverage for "outside
     salesmen," and exemptions for certain small enterprises.

  .  NEW TAX MODULE.  A new tax planning module has been added, for
     1992 (based on law as of late 1991).  The 1991 module has been
     retained, and you now are offered a choice of year when you
     choose the TAXES menu selection.

  .  SELF-EMPLOYMENT TAX.  Updated to include 1992 self-employment
     tax rates (same as 1991) and earnings base (increased to $55,500
     for OASDI portion of tax, and to $130,200 for the Medicare
     portion of the tax).

  .  FICA TAX.  Updated to reflect increase in 1992 wage base (same
     as for self-employment tax).

  .  INCOME TAX RATES.  Updated to reflect 1992 federal income tax
     brackets, as indexed for inflation.

  .  PATENTS AND COPYRIGHTS.  Information has been added to the
     program on patents and copyrights, and on pending legislation
     that may soon radically change the patent law rules, with
     potentially serious consequences for small inventors who
     don't hear about the change soon enough to act on it.



                           STATE LAW CHANGES:
                           ──────────────────

  .  STATE USE TAX COLLECTION BY MAIL ORDER RETAILERS NOT REQUIRED.
     The U.S. Supreme Court held, on May 26, 1992, in the case of
     Quill Corp. v. North Dakota, that, under the U.S. Constitution a
     state may not force out-of-state mail order retailers to collect
     use tax on sales to residents of the state, where the company had
     no presence in the state.  Thus, it appears that many of the new
     "broad grasp" mail order company use tax law provisions, which
     have been adopted in some 34 states in recent years, may be
     invalid and no longer enforceable.  While this is good news for
     all mail order retailers, the bad news is that the Court also
     indicated in its decision that Congress could, if it chooses to
     do so, constitutionally enact legislation that would permit the
     states to require use tax collection on mail order and similar
     sales by out-of-state retailers.

  .  ARKANSAS MINIMUM WAGE INCREASE.  The program now reflects th
     increase in the Arkansas minimum wage from $3.35 to $3.65 an
     hour, and the scheduled increase to $4.00 on July 1, 1992.

   . CALIFORNIA GASOLINE TAX.  The California gasoline tax increased
     to 16 cents a gallon on January 1, 1992.

  .  CALIFORNIA S.D.I. WITHHOLDING TAX ON EMPLOYEES.  The California
     State Disability Insurance that must be withheld from employees'
     paychecks has increased in 1992.  The rate increased from 1% to
     1.25% on January 1, 1992, but the wage base will remain at $31,767.
     Thus, the maximum tax to be withheld for an employee will rise to
     $397.08 in 1992, which is 75% more than the $226.34 maximum that
     was in effect as recently as 1990.

  .  CALIFORNIA LOCAL SALES TAXES.  Recent legislation will allow
     California counties to impose as much as a 1.5% local sales
     tax, starting in 1993, versus the current limit of 1%.  Some
     counties, like San Francisco, have already jumped the gun in
     1992, which may or may not be unconstitutional.

  .  CALIFORNIA LOCAL BUSINESS LICENSE TAXES.  More information has
     been added on the gross receipts taxes that are imposed by
     several major California cities and counties, and how to minimize
     your local license tax burden.

  .  CALIFORNIA.  San Francisco voters have approved an additional
     0.25% sales tax increase, effective February 1, 1992, to be
     in effect for 17 months.  This raises the sales tax rate to
     8.5% in San Francisco City and County, the highest in the
     state of California.  There is considerable doubt about the
     constitutionality of this increase, under Proposition 13.

  .  CALIFORNIA.  The State Board of Equalization has dropped the
     requirement that most new businesses registering for the sales
     tax post a deposit (except for retailers who have established
     a poor record of paying sales tax to the state).  In the past,
     most new businesses in California were required to post a bond
     or deposit totalling 3 times their estimated monthly sales tax
     collection (up to $10,000).  Dropping this requirement is in-
     tended to lower one barrier to the creation of new small
     businesses.

  .  CALIFORNIA.  Effective as of 1991, trades and businesses in
     California receiving cash payments in excess of $10,000 are
     required to file a copy of the IRS information return, Form
     8300, with the state Franchise Tax Board.  (Note that, under
     both federal and California law, "cash" now includes most
     kinds of monetary instruments, including checks other than
     personal checks.  A copy of the federal Form 8300 must be
     filed with the FTB within 15 days after the reportable
     transaction.

  .  CALIFORNIA.  Family leave legislation, the "Family Rights
     Act of 1991" is now discussed in this update.

  .  CALIFORNIA.  Pending federal legislation, if enacted, may
     abolish California's "worldwide unitary taxation" system,
     and would require California to use a method of taxing
     multinational companies similar to those used in other
     states.

  .  CONNECTICUT INCOME TAX.  Connecticut has enacted an income tax,
     on individuals, at a rate of 1.5% in 1991, and 4.5% in subsequent
     years.  At the same time, the old tax on capital gains and
     dividends is being phased out.

  .  CONNECTICUT CORPORATE INCOME TAX.  Connecticut is also phasing
     out the 20% corporate income tax surtax:  It will be reduced to
     10% for income years beginning in 1992, and is repealed for years
     beginning after 12-31-92.

  .  CONNECTICUT SALES TAX.  The Connecticut sales tax has been reduced
     from 8% to 6%, effective October 1, 1991. At the same time, motor
     fuel tax rates have been increased from 23 cents to 25 cents a
     gallon as of 9-1-91, 26 cents on 1-1-92, 28 cents on 1-1-93, 29
     cents on 7-1-93, 30 cents on 1-1-94, 31 cents on 7-1-94, 32 cents
     on 1-1-95, 33 cents on 7-1-95, and to 34 cents a gallon on 1-1-96.

  .  CONNECTICUT MINIMUM WAGE INCREASE.  Updated to reflect increase
     in the state minimum wage to $4.27 an hour, just slightly higher
     than the federal minimum wage.

  .  DIST. OF COLUMBIA UNINCORPORATED BUSINESS TAX.  Information
     has been added to this release regarding the Washington, D.C.
     Unincorporated Business Franchise Tax on partnerships and sole
     proprietorships.

  .  DISTRICT OF COLUMBIA MINIMUM WAGE.  Revised to reflect increase
     in DC minimum wage to $7.25 an hour on 12-1-91, and emergency
     legislation which reduces the minimum wage temporarily to $5.25,
     until October 8, 1992.

  .  HAWAII GAS TAX INCREASE.  New legislation has increased the
     state gasoline tax rate from 11 cents to 16 cents a gallon.
     County gasoline tax rates have also been increased.

  .  HAWAII FAMILY LEAVE LEGISLATION.  New Hawaii legislation requires
     companies with 100 or more employees to provide a total of 4 weeks
     per year of "family leave" upon the birth or adoption of a child,
     or to care for a child, spouse or parent with a serious health
     condition.  The leave can be paid or unpaid, or a combination of
     both.  Leave time may not be accumulated from year to year.
     Employees must have been on the job 6 months to be eligible for
     such leave.  The employer or employee may elect to use accrued
     sick leave or vacation time as part of the mandated family leave.

  .  HAWAII AMENDS AND BROADENS ANTI-DISCRIMINATION LAWS.  Hawaii has
     become the third state (after Massachusetts and Wisconsin) to
     enact a "gay rights" law, making it illegal for an employer to
     discriminate on the basis of sexual orientation.

  .  HAWAII WITHHOLDING ON REAL ESTATE SALES.  New Hawaii legislation
     has reduced the real property withholding tax rate on dispositions
     by nonresidents, from 9% to 5%.  Also, such dispositions are
     exempt if the buyer receives an affidavit from transferor that:

           (a) The property transferred was transferor's principal
               residence; and

           (b) the amount realized did not exceed $300,000.

     Effective 8-1-91.

  .  HAWAII UNEMPLOYMENT TAX CHANGES.  For calendar year 1992 and in
     subsequent years, the "new employer" state unemployment tax rate
     (1.70% in 1992) will be the same as the contribution rate assigned
     to employers with a .0000 reserve ratio.  (The rate was 3.1% for
     new employers in 1991.)  The wage base for Hawaii unemployment
     tax has been increased to $22,700 in 1992 (from $7,000 in 1991),
     however, so that the maximum tax to a given employee has increased
     from $217 in 1991 to as much as $385.90 in 1992.

  .  HAWAII GENERAL EXCISE TAX EXEMPTION FOR HOTEL OPERATORS.  New
     legislation in 1991 now allows Hawaii hotel operators to reduce
     taxable gross receipts by the amount disbursed to hotel employees
     for salary, wages, and benefits.


  .  HAWAII MINIMUM WAGE INCREASE.  As of April 1, 1992, the Hawaii
     minimum wage increased from $3.85 an hour to $4.75 an hour.

  .  KANSAS INCREASES SALES TAX, CHANGES INCOME TAX RATES. The Kansas
     Legislature has adopted new tax legislation that would increase
     the state sales tax rate from 4.25% to 4.9%, effective as of June
     1, 1992.  The new law also modifies the income tax law for both
     individuals and corporations.  The tax rate on corporations is
     reduced from 4.5% to 4% for years beginning after 1991, but the
     corporate income surtax is increased to 3.35% (formerly 2.25%) on
     Kansas taxable income in excess of $50,000 (formerly $25,000).

     Under the new individual income tax law, starting in 1992, the
     maximum tax bracket for joint filers is set at 6.45% on income
     over $60,000, and at 7.75% on other filers on income over
     $30,000, and taxpayers will no longer be allowed to elect to
     take a deduction for federal income taxes paid on their Kansas
     income tax returns.  These new sales tax and income tax
     provisions will become law unless vetoed by the Governor.

  .  MAINE TAX RATES.  Maine personal income tax rates, including
     the temporary surtaxes for 1991 and 1992, have been updated.

  .  MAINE SALES TAX.  Updated to reflect drop in sales tax rate
     from 6% to 5%, scheduled to go into effect 7-1-93.

  .  MARYLAND PERSONAL INCOME TAX INCREASES.  For tax years
     beginning in 1992 or later, the maximum state income tax
     bracket for individuals has been increased from 5% to 6%,
     on income of more than $150,000 (joint return or head of
     household).

  .  MICHIGAN SINGLE BUSINESS TAX.  Exemption amounts for this
     tax have been updated for 1992.  Also, new legislation has
     dramatically expanded the exemption for small businesses,
     which will now be $100,000, which should eliminate this tax
     altogether for many small firms in the future.

  .  MISSOURI USE TAX INCREASE.  As of July 1, 1992, Missouri's use
     tax rate will be increased from 4.225% to 5.725%.  (The sales tax
     rate will remain at 4.225%).  This unusual provision will make
     Missouri the only state with a use tax that is higher than its
     sales rate, and is apparently designed to intimidate out-of-state
     sellers to register and pay the sales tax.

  .  MISSOURI VOTERS ALLOW CORPORATE TAX RATE TO REVERT TO 5%.
     Updated to reflect November, 1991 election results, in which
     voters decided not to extend the temporary 6.5% tax rate on
     corporate income above certain levels.  Thus, after being
     higher than 5% in 1990 and 1991, the corporate tax rate
     reverted to a flat 5% rate in 1992 in Missouri.

  .  MONTANA MINIMUM WAGE INCREASE.  Updated to reflect increase
     in minimum wage from $4.00 to the federal rate of $4.25 an
     hour.

  .  MONTANA INCOME TAX BRACKET SET FOR 1991.  Montana has announced
     indexing changes in personal income brackets for 1991, so that
     the maximum income tax bracket (11%) now starts at $57,600,
     rather than $55,000.

  .  NEVADA BUSINESS PRIVILEGE TAX.  Nevada has enacted a new
     Business Privilege Tax, effective July 1, 1991.  The new
     tax is based on the average number of employees a company
     has, generally at the rate of about $25 or $30 tax per
     employee per quarter (plus $17.50 for each employee over 999).
     An independent contractor is not counted as an employee for
     purposes of the tax.  A person may not conduct a business in
     Nevada without first obtaining a business from the state
     Department of Taxation, and paying a $25 license fee.

  .  NEW MEXICO WORKERS' COMPENSATION LAW CHANGES.  New Mexico law
     provides, generally, an exemption from the Workers' Compensation
     Law for employers with fewer than 3 employees.  However, as of
     January 1, 1992, no such exemption is allowed for businesses
     subject to the Construction Industries Licensing Act.  Note that
     in New Mexico, every employer subject to the Workers' Compensation
     Act who has an annual workers' compensation insurance premium of
     $5000 or more (or who self-insures) is now subject to an annual
     safety inspection.

  .  NORTH CAROLINA MINIMUM WAGE INCREASE.  Updated to reflect
     scheduled increase from $3.35 to $3.80 on January 1, 1992,
     and a further increase to $4.25 an hour on January 1, 1993.

  .  NORTH DAKOTA MINIMUM WAGE INCREASE.  Updated to reflect
     increase from $3.40 an hour to $4.25, effective 8-1-91.

  .  PENNSYLVANIA INCOME TAX INCREASES ENACTED:

     (a) The Pennsylvania personal income tax rate is increased
         from 2.1% to effective rate of 2.95%, dropping to 2.8%
         after 1992.

     (b) Pennsylvania has also increased the corporate net income
         tax rate from 8.5% to 12.25%, for tax years beginning in
         1991 and thereafter.  In addition, the minimum capital
         stock and franchise tax on corporations is raised to $300.

  .  SOUTH CAROLINA TAX BRACKET INDEXING FOR 1991.  Updated to
     reflect increase in the income level at which the top state
     personal income tax bracket begins, increased from $10,150
     in 1990 to $10,350 in 1991, and rising to $10,600 in 1992.

  .  SOUTH DAKOTA MAY ADOPT INCOME TAX.  South Dakota voters will go
     to the polls on November 3, 1992 to decide whether or not to
     adopt an initiative petition that proposes to institute a state
     income tax on individuals and corporations.  The maximum proposed
     state income tax rate for both corporations and individuals in
     South Dakota would be 6% if the measure is approved by the voters.

  .  TENNESSEE ENACTS TAX ON SERVICES.  Effective July 1, 1992
     through March 31, 1994, Tennessee has repealed its 6% sales tax
     on most services, but has replaced it with a new 6.75% tax on
     services of various specified kinds.

  .  VIRGINIA MINIMUM WAGE INCREASE.  Updated to reflect increase
     in Virginia minimum wage from $2.65 to $3.65 an hour,
     increasing to federal rate on 7-1-92.

  .  WASHINGTON, D.C. MINIMUM WAGE INCREASE (AND DECREASE).
     Update material reflects the increase in D.C. minimum wage to
     $7.25 (the highest in the country) for certain categories of
     white collar and semitechnical workers, as of the beginning
     of December, 1991, and the emergency reduction of that rate
     to $5.25 an hour on December 5, 1991, effective for at least
     90 days.

  .  WEST VIRGINIA MINIMUM WAGE INCREASE.  Updated to reflect
     increase in state minimum wage from $3.35 to $3.80, and a
     further increase, in April, 1992, to $4.25 an hour.

  .  WEST VIRGINIA CORPORATE INCOME TAX.  Updated to reflect drop
     in tax rate from 9.15% to 9% after June 30, 1992.


         OTHER CHANGES AND ADDITIONS IN THIS QUARTERLY RELEASE:
         ──────────────────────────────────────────────────────

  .  PROTECTING YOUR ASSets.  A new segment has been added, giving
     you a wide range of advice on ways to protect your financial
     rear end when you go into business, so that you will be less
     likely to wind up on a street corner selling apples, should
     your business venture fail.  Covers everything from setting
     up pension plans to opening Swiss bank accounts.

  .  DEVELOPING TRENDS.  We have added a lengthy new segment,
     concentrating on changing economic and business trends in
     the marketplace, as well as developing areas of business
     law and pending tax and other law changes you need to be
     aware of if you are in business.  Covers areas ranging
     from VDT terminals (health problems that may result from
     their use) to "wrongful termination" of employees to new
     environmental regulations to economic trends and pending
     national health insurance proposals.  (Access this info
     by selecting the "ECONOMIC AND BUSINESS TRENDS" item from
     the index, using the "INDX" selection on the Main Menu.)

  .  EXPORT INFORMATION.  More information has been added on
     sources of help and information, including telephone
     hotlines, for businesses wanting to sell abroad.

  .  TELEPHONE HOTLINES.  Updated various telephone numbers of
     government agencies, which have changed or been disconnected
     in recent months.  Also added Justice Department information
     line number for information on the American with Disabilities
     Act.

  .  THIS UPDATE FILE has been added, a useful feature for users
     which we will continue to provide with each new quarterly
     update in the future.

  .  BUILT-IN ORDER FORM.  In addition, we have built in a feature
     that now allows you to print out the order form to send to us
     (with $$ enclosed), if you want to order an update or program
     upgrade, or the companion book that we sell here and in book-
     stores, STARTING & OPERATING A BUSINESS IN @STATE.


    ───────────────────────────────────────────────────────────────
                 NOTE:   Things change....Rapidly.
    ───────────────────────────────────────────────────────────────
    The above are changes made in THIS quarterly update, and do not
    include earlier revisions. Thus, if you have an earlier version
    of the program issued more than 3 months ago, there are a great
    many update changes since then that are NOT listed above, since
    those have long since  been incorporated into the program,  and
    are now ancient history, from our point of view.
    ───────────────────────────────────────────────────────────────

   ┌───────────────────────────────────────────────────────────────┐
   │AS YOU WILL NOTE FROM THE FOREGOING CHANGES, THE LAWS AFFECTING│
   │BUSINESS TEND TO CHANGE  VERY RAPIDLY,  AND THIS PROGRAM IS RE-│
   │VISED ON ALMOST A DAILY BASIS TO  KEEP UP WITH THE FLOOD OF TAX│
   │AND LEGAL CHANGES THAT OCCUR.   ACCORDINGLY, IF THIS PROGRAM IS│
   │MORE THAN A YEAR OLD,  A LARGE PORTION OF THE INFORMATION IN IT│
   │IS LIKELY TO  BE DANGEROUSLY OUT-OF-DATE.   WE ISSUE UPDATES OF│
   │THE PROGRAM EVERY 3 MONTHS, AT A VERY REASONABLE PRICE. TRY US.│
   └───────────────────────────────────────────────────────────────┘


      AND COMING ENHANCEMENTS AND ATTRACTIONS NOW IN THE WORKS....
    ───────────────────────────────────────────────────────────────

    We are constantly expanding and updating the subject matter and
    coverage of this program, as well as adding new features.  Here
    is a partial list of a few items we are researching (and translat-
    ing into plain English!) now, for inclusion in subsequent quarterly
    releases of this program in 1992 and early 1993.

  . FRINGE BENEFITS.  An in-depth coverage of various employee fringe
    benefit plans your company can offer, in addition to the basic
    health, life insurance and disability plans covered in the current
    edition.  How to put the golden handcuffs on those employees you
    want to keep, and how to give the sleeves of the vest to the ones
    who don't perform up to what you expected.  Everything from stock
    option plans, SARs, and phantom stock, to dependent care, educa-
    tional benefit and group legal services plans and employee purchase
    discounts will be covered, in easy-to-understand language that will
    give you crucial information you need, as a business owner, to
    decide if such plans warrant consideration by your company.

  . FLEX PLANS.  We are developing a whole new segment on "flexible
    spending plans," or cafeteria plans, as they are sometimes called,
    which are becoming extremely popular alternatives to traditional
    modes of providing tax-favored fringe benefits to employees.  This
    is a very exciting new area, as it allows employees who have young
    children, for example, to select dependent care reimbursement,
    while other employees with differing needs might instead select
    other tax-free benefits.  (Employers say that their workers take
    to these new flex plans like bulimics in a bake shop.)

  . PENSION AND PROFIT SHARING PLANS.  We will also be adding to the
    program a wide-ranging discussion of various types of pension
    and profit sharing plans, their pros and cons, etc.  Everything
    from 401K's to "target benefit plans."  (More than you ever really
    wanted to know about retirement plans, but were to gunshy about
    lawyers' fees to ask, in short.)

  . ENVIRONMENTAL LAWS.  This is one of the biggest concerns affecting
    businesses now, especially since the recent passage of the massive
    amendments to the Clean Air Act, which will impact virtually every
    small business with a whole new layer of complex regulations in
    the near future.  Forewarned is forearmed, so we think you will
    find this information EXTREMELY valuable, particularly if you have
    been blissfully unaware of what has already become law in this area,
    and what is coming.  If you intend to stay in business in the
    'Nineties, you MUST be aware of penalties, up to $25,000 A DAY, for
    violating environmental laws and regulations, and how to steer
    clear of same.  (How to do your part to take care of the environ-
    ment, and how to file for bankruptcy if you don't.)

  . FOREIGN DIRECT INVESTMENT REPORTING.  We will be covering new
    federal laws requiring reporting of foreign-owned investments
    in U.S. businesses and real estate, what forms to file, and how
    those new rules may apply to you in unexpected situations, in
    these times of growing global business transactions (not to
    mention xenophobia).

  . LIMITED LIABILITY COMPANIES.  It walks like a duck, it talks like
    a duck, but it's taxed like a goose.  What is it?  It's not a
    corporation, it's not a partnership, and it is definitely not a
    sole proprietorship....What the heck is this new creature?  It's
    called a "limited liability company," an interesting, and potenti-
    ally useful new type of business entity that you can now set up
    under the laws of several states.  Stay tuned for details....

  . EQUAL CREDIT OPPORTUNITY ACT.  Do you extend consumer credit to
    your customers?  Yes?  Do you enjoy being sued by them?  No?  Then
    you may find the information we are putting together on the Equal
    Credit Opportunity Act to be very interesting reading, once we
    are able to convert the information to plain English, sufficiently
    understandable that we are willing to include in the program.

  . OTHER NEW FEATURES.  We are constantly adding new features to
    the program, and may be adding such things in the near future as:

        .  a checkbook/tax records manager;

        .  a loan amortization program;

        .  a tax depreciation calculator;

        .  more "consulting session" topics; or

        .  any of a number of other modules we are considering
           right now.

    All of which, like our tax calculation module and recently added
    consulting module, will be accessible from the main program's
    menu, in one neat integrated package.  But don't expect any of
    the latter new features in the third quarter '92 update; some of
    them may take us a year or so to complete (if ever, before
    WINDOWS (R)* takes over the world, and we migrate to it along
    with the rest of humankind).

    (* WINDOWS is a registered trademark of MicroSoft Corporation, in
       case you've been living in a cave in Bali and didn't know.)


               ┌───────────────────────────────────────┐
               │  OUR FAVORITE QUOTE FOR THIS QUARTER: │
               │"You can't use tact with a Congressman.│
               │ A Congressman is a hog.  You must take│
               │ a stick and hit him on the snout."    │
               │    -- Henry Adams                     │
               └───────────────────────────────────────┘