Taxes
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Getting a huge NOL this year (~1M), so I am assuming that I need to record a deferred tax asset to account for the NOL carryover into future years. So I would debit "Deferred Tax Asset", but what am I supposed to credit? I have read that you can credit the income tax expense but we don't have any, so it will result in a negative tax expense if we do, which would look strange. It is a high risk VC funded startup and we don't know when we will start capturing the NOL carryover. Is it acceptable to just credit everything under "Deferred tax valuation allowance"?
Can anyone, especially from Intuit, explain why when I file my 1099s through Quickbooks Online, I'm told that our contractors will all have their forms mailed to them. However, the email that each receives makes no mention of forms being mailed, instead leading them to believe they must sign up for an Intuit account to receive their tax forms. I thought they weren't reading their emails carefully. Nope. That's exactly how the emails read. I view this as ... well, kind of slimy plus it's a pain in the butt to respond to all the contractor emails. I paid Intuit for the service of sending out these forms, not for them to use it as a data collection method.
Is the export feature not working yet to push a return from QBO to proconnect?
When does the new state unemployment wage limit change in Quickbooks?
The IRS sent me a packet of W-2/W-3C's, I have made the corrections manually and when I go to print them there is not an option to print them on pre-printed/blank forms. Why?! Am I missing something? How else am I supposed to print these if it's not available?
The 1099 report for 2020 is blank for some Quickbooks users at my company, but not all. I did some troubleshooting and the ones it is working for are actually on an older version of Quickbooks (2018 R5P). People on a newer version (2018 R16P) get a blank report. **This is very odd though, because most computers forced us to update to view 1099s. I don't know how it's possible there the R5P computers are able to do it. Here are the steps we are following. On the R16P computers, we are doing Vendors > 1099 Forms > 1099 Summary Report. Choose last calendar year, and run the report. It's completely blank. On the R5P computers, the menu is a little different. It's Vendors > Print/eFile 1099 > 1099 Summary Report. Same exact criteria. Not using a Memorized report, so there are no customizations to the filters. And all the data is there. I saw another post where someone said to go into the wizard, but that seems to require you to u
Quickbooks online is printing the 1099 NEC's 2 to a page, instead of 3 to a page. Am I missing something?
I have 2 separate EINs that I will be creating 1099-MISC and 1099-NECs for. My question is, can I mail all the 1096 and Copy A's in the same envelope?
I am filing a Federal 940 in CT. I have successfully paid the FUTA liability, including the credit reduction amount, but the Form 940 itself has been rejected twice with the following error message. "Problem: Schedule A, Total credit reduction must equal the sum of all credit reduction amounts.Solution: The total credit reduction amount on Schedule A must equal the sum of the credit reduction amounts for each state. Review your data and make any needed corrections.Error Code: SA-F940-001"The amounts match when I look at my pdf of the form. Please advise.
When generating a W-2 State E-File for submitting to Oregon in QB Desktop (Employees, Payroll Tax Forms & W-2's, Create State W-2 E-File) 90% of the time the information wont populate, when it does transfer the information, the STT Wages & STT tax information does not populate. The information is on the W-2 when i printed them, and is correct but it wont appear on the state E-file .txt file.Microsoft Office, Payroll, & QB's have all be updated and programs restarted. I was told the payroll update being released today 1-12-23 would fix the issue. It only made things worse because now the e-file will only occasionally work where it always worked before (except with the exclusion of the STT info).Is this issue being fixed?
For years I have been printing W2s out on regular paper and cutting them myself with paper cutter. So, they are already separated. Anyone know of any reason why this would be wrong? This is from IRS Publication 1141: (General Rules and Specifications for Substitute Forms W-2 and W-3). "Employee copies of Form W-2 (Copies B, C, and 2), including those that are printed on a single sheet of paper, must be easily separated. The best method of separation is to provide perforations between the individual copies. Whatever method of separation is used, each copy should be easily distinguished." This just says they have to be easily separated. I know the printing industry for tax forms wouldn't like it. But you shouldn't have to pay $100 for forms that you can print yourself.
I am reconciling some older statements and there were some checks/ACH missed. Some of these were payments made for Sales Tax.Previously, I had no problem recording them on the Tax Center, and based on the reporting period, QBO automatically recorded them into the correct account (over the years, there were multiple sales tax accounts created when the agency name was updated). Now, I made the stupid mistake up updating to the "automatic" sales center, and I can no longer record the payment period, I can only record the transaction as an expense or check. However, if I select the Sales Tax account, I get a "something's not quite right" error telling me "you have either selected a tax liability account on a transaction where it's not allowed, or haven't specified a tax rate along with it". It's an expense transaction, it has no tax rate, and yes, it is the right account. How am I supposed to enter transactions?
The federal Form 941 (IRS) that I submitted on 4/1/2021 is still under the status of "Submitted to Intuit." All the other e-filings I have done say Agency Accepted. But this one has not processed or been accepted. The only other forms I have found in this community are if it has been rejected, accepted, returned, etc. I can't find anything about if it hasn't even been processed after submission. It is now 6/3/2021, so I don't understand why it has not been processed?? I hope someone can help me. Thank you.
Hello,I made payments to a vendor using two separate accounts, both Type "Expense" and Detail Type "Other Miscellaneous Service Cost". The payments from one account show in the 1099-NEC column and the payments in the other account do not. All of these payments should show up in the 1099-NEC column. How do I edit the COA so that these two accounts are treated the same when it comes to the NEC column?
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I just printed my 1099 Misc forms using pre printed forms. The box for the calendar year was not filled in. What do I do now? Is it acceptable to hand write the last four digits for the year? I am electronically filing them so I am not worried about the red Copy A but other users would run into that problem seeing that it is only acceptable to use a certain font. Thanks,Lori
In past years, I would click on the vendors tab and then click on 1099 forms, and the vendors which needed 1099s would automatically appear in the 1099 summary report. I could easily print them. This year no vendors are on the 1099 summary report. How can I print the 1099 forms if I don't have any vendors on the list? I need some instruction.
Just was notified IRS did not receive a 941 from 2015. CPA didn't file.... How do I put this form together in 2018 Quickbooks Pro?
tax line mapping did not come over from QB Premiere desktop
I had voided epay payroll tax liabilities and they still were deducted from the bank. I was told by QB customer services all I needed to do was void the payment and it would not be processed, but the payments were processed. Can anyone tell me if this is the correct process?
Hello,We use desktop quickbooks pro 2018 and online payroll.We have been contacted by the IRS that haven't received any 941 reportings since 2019....JUST PAYMENTS! We submit all of our payroll info online via quickbooks. I am currently searching for the 941 forms on quickbooks to send to the tax person, but all I am getting is our online payment check copy. IRS says that will not work.Very frustrated with quickbooks right now!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!Please help. We are on a penalty deadline.
I received an updated Tax Rate for RT-6 starting 1/1/23 and want to update it in QB? Where do I do this? Thanks!
We often purchase items that are not subject to sales tax, as we are not reselling them. What is the proper way to keep track of "use tax" on items?Example:We purchased an office chair and was not charged sales tax in our state, but have to claim use tax. I want to make sure it will show up on the same report when i go to look at my sales tax liability when paying sales and use tax.
Sales Tax collected and tax payable are 2 different amounts. They should be the same, I had a previous problem with this and it seems I was to do an audit but can not remember how to go about it.
