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Ami_D
Ami_D
December 14, 2020

AMA: Champions Edition! | Join this thread 12/15 from 10 a.m. - 12 p.m. PT

  • December 14, 2020
  • 8 replies
  • 0 views

 

 

Welcome to our end-of-year #AskMeAnything session with the Intuit Champions! These accounting experts are here to help with all of your year-end questions. Closing your books? Filing for taxes? Reporting? This is the place to lay it all down and make sure you're prepared to close the year with confidence.

Post your questions here, and the Champions (along with the Intuit team) will answer your questions from 10 a.m. - 12 p.m. on December 15th (just 24 hours away from the time of posting).

See you then!

    8 replies

    1
    19351
    December 15, 2020

    I need help to get payroll corrections done. It has been 2 months and they have not done it.

    CoreyDenis
    CoreyDenis
    December 15, 2020

    Hi Champions, 

     

    A really common question we see around the end of the year is from folks who aren't sure what forms they need, and when.

     

    How can different business owners determine what forms they need, and when? 

     

     

    ...BTW....This is awesome!  Thanks for everything you do to support small business owners and entrepreneurs 🙌

      SteveChase
      SteveChase
      December 15, 2020
      If business owners have independent contractors (non W2 employees), then the form that is required is called a 1099-NEC or 1099-MISC. It is due Jan 31. It's always best to check the latest guidelines from the IRS to see if you need to comply with any of these forms. https://www.irs.gov/forms-pubs/about-form-1099-nec An interesting note is that if you pay subcontractors via 3rd party platform like Paypal or Credit Cards then small business owners do not need to include 1099 payments for these methods because those that receive 3rd party processor payments would receive tax documents rom those 3rd party payment companies if certain criteria is met. QuickBooks Online has a great tool that allows small business owners to e-file their 1099s to their contractors. Assuming everything has been set up properly, Quickbooks will help you e-file contractors their 1099 if they exceed the $600 threshold from the checking account and omit and 3rd party payments.
        lynda11_2
        lynda11_2
        December 15, 2020

        Great point @SteveChase  and the 1099 NEC is an old form resurrected!  And from what I heard (and correct me if I am wrong), the auto extension to Feb. is now gone.   So Jan 31 is a hard date.  Start getting clients thinking of this NOW.

         

        :)

        CoreyDenis
        CoreyDenis
        December 15, 2020

        👉 Your experience is so valuable! 👈

         

        What (if any) mistakes have you made during year-end preparations in your career which have impacted the way you do it now? If you could pass one lesson on to someone closing their books for the first time, or an accountant approaching this for the first time, what would it be? :) 

          lynda11_2
          lynda11_2
          December 15, 2020

          My biggest mistake (not really a big mistake but a "I forget") is that I forget to do a white paper for the tax professional.  They love to see reconciled accounts.  Then add to a spreadsheet (using Google sheets and overlay it on the spreadsheet) the validating source doc.


          I get asked all the time by the tax pros for the payroll tax returns but they are right in QBO tax people. LOOK!  And don't ask me to email them.  Sensitive info there.

           

          I am creating a google form checklist-style coming out on my future blog post for a list of year-end things to remember.

           

          Lynda 

           

          Lynda

            S
            SD1219
            December 15, 2020

            Hello Champions, Thank you in advance for your guidance. Are there special forms needed to report COVID temporary lay-offs and pandemic-related losses?

              CoreyDenis
              CoreyDenis
              December 15, 2020

              I see a question above about Payroll corrections, and we also see this one come up a lot around this time of year. 

               

              Do you have any recommendations when it comes to fixing payroll errors from months' past? 

               

               

               

              A
              Arif3
              December 15, 2020

              Good afternoon.

               

              I would like to see if someone is able to help me with this matter.

              We have QuickBooks for years but we only used it to write checks.

              All the bank accounts and CC are linked, but we didn't control this entries.

               

              Starting on January/2021, we will use QuickBooks as it should be.

              I would like to know what should I do to close the previous years in a way we can start the next year correctly.

               

              Thank you in advance for the assistance

              S
              SD1219
              December 15, 2020

              Hello again, Statistics show that small businesses are disproportionately audited. How can I make sure that my records are adequate if I ever find myself in that situation? Thank you for your advice. 

              Ami_D
              Ami_DAuthor
              December 15, 2020

              Thank you all for joining us today for the Champions AMA! We hope you gained some valuable advice and insights. :)

              We're closed for new questions at this time but to anyone that hasn't received an answer yet, stay tuned. We'll be circling back with answers soon!


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