Home Resources

“Kate, your insight into the capability of QuickBooks is great!”

Jeff Christensen of Capital Markets Board

Tips & Resources

Radical Change Coming to 1099 Reporting

Written By Kate

on Fri, 06-11-10 at 16:51

Tips & Resources
E-mail Print PDF

In this article, I would like to alert the small businesses with whom I work to a major impending change in 1099 reporting that will affect their businesses and their record keeping.

 The information comes from four online sources and is italicized: CNNMoney.com, the CPA Group Blog, the ICCFA and Lavante.

WHAT ARE THE CHANGES?

There are three changes:
  1. rather than just issuing 1099s to contract workers who provided you with services, the new law says a business must also issue 1099s to corporations and individuals from which you buy more than $600 worth of goods in a single tax year.
  2. it is not just services that are included in the new rule, but also tangible goods, and
  3. the penalties for not filing have been substantially increased (more about that later).
Read more... Last Updated on Wed, 05-04-11 at 19:15
 

Entering Payroll Service Reports:The Easy Way

Written By Kate Humphrey

on Fri, 01-23-09 at 03:35

Tips & Resources
E-mail Print PDF

ENTERING PAYROLL INFORMATION INTO QUICKBOOKS® FROM PAYROLL SERVICE REPORTS.

Payroll Services make two (2) withdrawals from your checking account:1) for the net amount of the payroll checks and 2) for the taxes. Therefore you want to make two entries in QB so that it will match with your bank statement.

Read more... Last Updated on Thu, 05-12-11 at 20:50