The Helper
Fifth Point Enterprises, Inc.August 2010
In This Issue
QuickBooks Error Message
W2's and 1099's
MAJOR 1099 Changes Proposed
September QuickBooks Classes
POSEnterpriseProAdvisor 
 
  



CONGRATULATIONS   to all of the students who successfully completed QuickBooks training with Wanda Green (Fifth Point) at New Horizons Computer Learning Centers in July!  The comments following the classes were extremely positive.

Contact Fifth Point before you Purchase

 
 

Fifth Point can often offer special discounts that are not advertised by Intuit.  If you are thinking of upgrading, or considering adding services (such as the incredible Intuit Merchant Account or Payroll) to your existing QuickBooks account, be sure to contact us before purchasing.  We can probably save you some money.  Call or e-mail Wanda or Tammy for details. 

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SPECIAL OFFERS FROM FIFTH POINT
 
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Contact Us
 
Wanda Green
Lexington,Ky

Tammy Maxwell
Covington, Ga
770.786.8654
 
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Error 
 
 
 
 


What is happening?

 

Many QuickBooks users have been receiving an error message similar to the one above or one of those below.  Here's information about this error message, straight from Intuit, the developers of QuickBooks:

You receive one of the following errors when closing QuickBooks:

*       Qbw32.exe - Application Error The instruction at "0x564000e0" referenced memory at "0x02e74360." The memory could not be read. 

*       AVMTimer:qbw32.exe - Application Error The instruction at "0x564000e0" referenced memory at "0x02e74360." The memory could not be read.

*       Microsoft Windows - QuickBooks has stopped working.

Note: The memory addresses shown in quotes may be different on your computer.

 
 
This issue is related to the Microsoft updates described in the Microsoft
Knowledge Base article KB977354 (.NET framework). These updates are part of the .NET Framework 2.0, 3.0, and 3.5 updates released by Microsoft on 6/22/10.
 

IMPORTANT: This error does not harm your QuickBooks company file or cause problems with any features or functions of QuickBooks. Your data inside QuickBooks is safe.

To temporarily resolve this issue, you can remove the Microsoft update. However, because it is flagged by Microsoft as a high-priority update, it automatically reinstalls whenever Windows updates are installed.

Note: Intuit does not recommend turning off or disabling Windows Updates.

If you are an IT professional and want to help your customer remove the offending Windows Updates, the updates that need to be removed are KB 977354 and KB 976576.

 

W2's and 1099's - That time again!


 

It is only August, but it is time to start thinking about those end-of-the-year Payroll and Contractor/Consultant reports and forms.  If you are a Fifth Point Payroll or Payroll Tax client, we will provide the W2 and 1099 forms you need at no charge.  Depending on the type of contract you have with us, we may handle your W2 and/or 1099 needs at not additional cost.  Please contact either Tammy or Wanda at Fifth Point to determine what needs to happen for 2010 reports and returns.  The deadlines to submit the forms isn't until after the first of 2011, but we will be ordering them soon.

 

If you use QuickBooks and handle all of your own W2 and 1099 forms, you may save money by contacting Fifth Point for your forms, especially if you have less than 30 employees.  Typically, no matter where you purchase the forms, they come in fairly large quantities.  Fifth Point purchases these forms in bulk and sells them individually at reduced prices.

 

Are you handling your own Payroll?  We can save you a tremendous amount of time and frustration by taking care of all of your Payroll and/or Payroll Tax needs.  And we can do it without disturbing you or your computer!  We can access your computer over the Internet (with your pre-established permission, of course), enter your payroll data, generate paychecks and payroll tax/liability checks, make  EFTPS and Direct Deposits, and enter all of the data in your own QuickBooks file (no need for you to make time-consuming, confusing General Journal entries)-all during periods of the day or night when you are not using your computer. 

 

Our Clients find our Payroll and Payroll Tax service to be an incredible convenience, time-saver, and peace-of-mind option.  We know the Payroll and Tax deadlines and the forms to submit for your company.  You will no longer have to worry about a missed deadline, fine or penalty.  Call or e-mail Tammy or Wanda to setup a no-cost appointment to determine your Payroll needs and get a free estimate for Fifth Point to handle everything for you.  We are surprisingly economical!

MAJOR 1099 Changes Proposed

(We were first alerted to this article by Donna Davidson, of Davidson Financial Services.  Below is a small portion of the article from May 5, 2010 on cnnmoney.com.)

NEW YORK(CNNMoney.com) -- An all-but-overlooked provision of the health reform law is threatening to swamp U.S. businesses with a flood of new tax paperwork.

Section 9006 of the health care bill mandates that beginning in 2012 all companies will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year.


The change radically alters the nature of 1099s and means businesses will have to issue millions of new tax documents each year.

Right now, the IRS Form 1099 is used to document income for individual workers other than wages and salaries. Freelancers receive them each year from their clients, and businesses issue them to the independent contractors they hire.

But under the new rules, if a freelance designer buys a new iMac, they'll have to send Apple a 1099. A laundromat that buys soap each week from a distributor will have to send the supplier a 1099 at the end of the year.

The bill makes two key changes to how 1099s are used. First, it expands their scope by using them to track payments not only for services but also for tangible goods. Plus, it requires that 1099s be issued not just to individuals, but also to corporations.

It is recommended that businesses collect tax data on all vendors, since the IRS requires that you have it on hand at the time of the transaction, not just at tax-filing time.   Eliminating the corporate and goods exemptions means that businesses will no longer have to pour over every transaction to determine if it needs a 1099. The new rule is simpler: If it crosses the $600 threshold, it's in.

In any case, the final impact of the law won't be known until the IRS issues its regulations on the new law, which aren't expected to arrive until sometime next year. The new requirements kick in January 1, 2012. 

 

September QuickBooks Classes in Lexington

REMINDER about the upcoming QuickBooks classes that Wanda Green and Fifth Point will be teaching at New Horizons Computer Learning Centers. CALL TODAY to reserve your seat.  Parking is free and convenient.

 

         Initial basic QuickBooks 2010 Financial Software training classes are September 22  (Level 1) and September 23 (Level 2).

         New Horizons will provide Fifth Point clients and newsletter readers a special discount.  Mention this newsletter and Fifth Point when you contact New Horizons to schedule your class and you will receive 20% off!  New Horizons is also offering discounts to companies or organizations who have multiple students attending.

         All students will receive top-quality training workbooks from New Horizons, along with top-quality training provided exclusively by Fifth Point (Wanda Green will be the instructor for both classes).

         If these dates do not work with your schedule, talk with an Account Executive at New Horizons about other possible dates.

         New Horizons in Lexington, KY contact information: Phone: 859.266-2900; e-mail: info.lexington@newhorizons.com; address: 1050 Chinoe Road, Suite 208, Lexington, KY

For those of you in the Georgia areas of Covington, Conyers, Social Circle and McDonough, we are working on a similar arrangement.  We will be announcing training dates and locations in Georgia soon.