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Smith Office Solutions, Inc.
October 2011
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| Greetings!
The leaves are changing colors, and the weather is turning colder, and we at Smith Office Solutions are turning up the heat. We have some exciting things headed your way.
In an effort to assist your business in running more efficiently, take a look at our article on ViewMyPaycheck, a time-saving feature that QuickBooks offers to save you time, and give your employees some new resources.
We discussed last month about getting your vendor files ready for 1099 reporting at the end of the year. This month we are discussing who gets a 1099. We want to make sure that you are ready. We are providing you with a series of articles intended to help you prepare for the crunch that comes with the IRS mandatory reporting requirements. Also, because we at Smith Office Solutions want you to be comfortable working with QuickBooks, we are passing on one of our favorite tips, and look for a new tip each month. You can also access our website by clicking on the links at the begining of this letter. Check it out! |
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Important Dates:
10/10 Columbus Day
10/15 Payroll Tax Deposit due for Monthly Depositors
3rd Quarter WA sales tax filing deadline
10/31 Halloween
3rd Quarter Payroll Taxes due
April 2012 QuickBooks 2009 Payroll Services are no longer supported by Intuit
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Feature Article: ViewMyPaycheck
ViewMyPaycheck is an online service that is free for QuickBooks 2009 (and later editions). It enables employers who have an active subscription to QuickBooks Payroll (Basic, Standard, Enhanced, or Assisted) to provide online access for their employees to view and print pay stubs. Employers have the option of adding access for employees to view W-2 information.
This service is integrated with QuickBooks. Once the company has signed up for the service, the payroll administrator can easily and securely upload the payroll information directly to Intuit after processing the payroll.
Any, or all, of your employees can elect to use the service. The employee signs in using an employee portal that allows them to view only their own payroll information. They can then print out pay summaries or pay stubs, and even see the percentage of taxes and other deductions compared to net pay on each paycheck.
There is the option, at no additional cost, of allowing employees to view their own W-2 information as well. The employer must sign up for access tothis feature in addition to the basic service. After preparing employee W-2 forms in QuickBooks, the payroll administrator can securely upload the W-2 information. Then your employees can sign in to ViewMyPaycheck and view or print replacement copies of their W-2 forms for their own files. The W-2 form provided by ViewMyPaycheck is not in an acceptable format for filing with the IRS; employers must still send the original form W-2 to the employee by January 31.
Contact us for more information
We use ViewMyPaycheck ourselves and our employees are happy to discuss their experience using this service. |
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W-9, 1099, & Contractors, OH MY!
Part 2: 1099's: Exactly Who?
Last month we talked about making sure you had a current W-9 form for all of your vendors to assist in the year end process for 1099's. It is a good practice to require a completed W-9 for any entity that you pay money to. Most entities will be happy to give you the information if you tell them that you are unable to write them a check until you have the information. However, you are not required to send a 1099 to all the entities you pay money to. So you ask, Who do we send them to?
The IRS specifies that you must send 1099's and report payments to:
1. Payments made to a business or individual who is not your employee. You must include amounts of $600.00 or more paid for fees, commissions, prizes and awards for services performed as a nonemployee. Examples include payments to accountants, independent contractors, to an attorney for legal services performed in the course of business, other service professionals, and other forms of compensation for services performed for your trade or business by an individual who is not your employee. Payments for merchandise are not included. Most corporations are exempt from this rule; however, this exemption does not apply to payments for legal services.
2. Payments for rental property expenses. This includes any amount of $600.00 or more that you pay for the lease on your office, warehouse, or shop space.
3. Other types of payments. This includes settlement or judgment payments paid to an attorney on behalf of their clients.
4. Interest Payments. Interest payments, any amount of foreign interest payments, and any backup withholding of federal income tax of any amount must be reported on a form 1099-INT.
To view the full instructions for Form 1099-MISC:
http://www.irs.gov/instructions/i1099msc/index.html
To view the full instructions for Form 1099-INT:
http://www.irs.gov/pub/irs-pdf/i1099int.pdf
Coming Next Month
Part 3: 1099's: Filling in the Form
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QuickBooks Tip of the Month
Keyboard Shortcuts
Ctrl+A - opens the Chart of Accounts
Ctrl+F - opens the Find window
Ctrl+W - opens the Write Checks form
Ctrl+I - opens the create Invoice form
Ctrl+T - opens the Memorized Transactions List |
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Trivia
According to Webster's Dictionary, "bookkeeper(s)" and "bookkeeping" are the only non-hyphenated words in the English language with three consecutive pairs of letters
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