Each year we need financial reports to prepare business tax returns. Many clients send QuickBooks backups so we can print their necessary reports. Some clients choose to send the reports instead of a backup as outlined below. Reports > Company & Financial > Profit & Loss Standard Reports > Company & Financial > Balance Sheet … Read more
You can save your QuickBooks for Mac company data as a (QBB) backup file, which can be restored in QuickBooks for Windows, using one of the following menus. Note: “Save File for Accountant” does not appear to produce a different type of backup file. Choose that option only if you expect to receive an updated … Read more
Employers have multiple obligations regarding employee tip income including recordkeeping and reporting responsibilities, collecting taxes on tips, filing certain forms and paying or depositing taxes. Generate & retain employee tip income reports. Withhold and deposit income tax, social security and Medicare based on wages and tip income. Pay employer share of social security and Medicare … Read more
The IRS now sends CP303 notices to taxpayers when their information is used for accessing IRS applications, including the irs.gov website, with the ID.me third-party identity verification service. The notice is to ensure you know that your information was used to access IRS records, and not someone else pretending to be you. If it was … Read more
The IRS has provided key things to look for when receiving an IRS letter; Check Online Account if uncertain about amounts tips and guidance on reporting advance Child Tax Credit payments for the 2021 tax return, including steps to take when the Letter(s) 6419 amounts and the Online Account amounts do not reconcile. Reporting advance … Read more
Lawmakers are making efforts to keep taxpayers honest next year… Starting January 1, 2022, anyone who sells more than $600 worth of goods or services on platforms such eBay, Etsy and Facebook will receive a 1099-K. These 1099-K reports your relevant income to the IRS. Reporting requirements will remain unchanged during 2021, as follows… Understanding … Read more
Claims originating during March 8, 2020 to September 4, 2021, will not be charged to employers for the duration of those claims, in accordance with Arizona law. The flexibilities made possible by the Emergency Unemployment Insurance Stabilization and Access Act (EUISAA) of 2020 and Laws 2020, Chapter 48, the Arizona Department of Economic Security (DES), … Read more
October 15th tax deadlines and other dates have been extended to January 3rd Hurricane IDA Disaster Relief The tax relief postpones various tax filing and payment deadlines that occurred starting on August 26, 2021. As a result, affected individuals and businesses will have until January 3, 2022, to file returns and pay any taxes that … Read more
Governor Ducey Announces “Arizona Back to Work” Recently, Governor Ducey launched the Arizona Back to Work Plan which includes a new program for small businesses. The Small Business Hiring and Retention Program is intended to help small, locally owned and operated businesses hire and retain enough employees to keep them up and running in the … Read more
Did you know Intuit can give your employees electronic access to their payroll information? Recently Intuit announced they will be turning Workforce on automatically to give employees access to pay, banking, and employment information. The invites for your employees to use Workforce should start arriving near the end of September. You will no longer have … Read more