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Extended 1099 Reporting Repealed
H.R. 4, the “Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011,” has been signed into law by President Obama. The law retroactively repeals the Form 1099 information reporting rules added by 2010 legislation.
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W-4's and W-9s 1099's will continue to be issued to vendors paid $600 or more in the previous year (the new section of the health law passed in 2010 was repealed so forms issued in 2012 will not have more stringent requirements and business owners will not be issuing a significantly greater number of 1099s). Make sure you have a W-9 on file with a legible number for every vendor you receive goods and/or services from - you'll save time and frustration come the following January! If you haven't done so already, make this the year you institute a policy that no vendor will be paid until you have a W-9 on file. Go through your existing vendors, too, to ensure you have accurate information. Has anything changed? Are they now a corporation? Did they close down a corporation and revert to a partnership or sole proprietorship? These things happen! If you have employees, keep up to date on correct addresses to avoid problems when W-2's are issued each January. Have employees also confirm deductions are correct. - - - - - - -
IRS ends paper tax package mailing
Beginning with 2010 tax forms business taxpayers will no longer receive paper tax packages in the mail from the IRS. The tax packages, which contained the forms, schedules, and instructions for filing a paper tax return, are being discontinued because electronic filings continue to increase as well as to help reduce costs. Most businesses receive their tax products from a tax professional or use tax software. In early October 2010 the IRS mailed postcards to businesses that normally receive tax forms and publications from the IRS explaining how to get the tax forms and instructions needed to file future returns. - - - - - - -
Debit Card Changes effective August 15, 2010
New federal regulations took effect August 15th which may mean your debit card will be declined if there are insufficient funds in your account to cover the transactions. Contact your financial institution to learn specifically how you will/will not be affected by this new law.
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The IRS issued regulations June 11th outlining the administration of a 10% excise tax on indoor tanning services that goes into effect on July 1.
Indoor tanning services will collect the tax at the time the customer pays for tanning services and submit collected tax quarterly along with IRS Form 720, Quarterly Federal Excise Tax Return. The tax does not apply to phototherapy services performed by a licensed medical professional on his/her premises. The regulations also provide an exception for certain physical fitness facilities that offer tanning as an incidental service to members without a separately identifiable fee. QuickBooks users can easily add the tax to their company file and invoices.
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New Password Requirements to Process Credit Cards in QuickBooks effective July 1, 2010
The credit card industry has tightened up security standards for all applications that process credit card payments. These standards are referred to as PA-DSS (Payment Application Data Security Standards), and they will be revised on July 1, 2010. One aspect of the new PA-DSS standards is the mandated use of 'complex' passwords. A complex password is a password that contains at least 7 characters with at least one number and one uppercase letter. And, it needs to be changed every 90 days. An update to QuickBooks 2010 will be available early June, 2010, and will require administrators and users of merchant-service-enabled QuickBooks accounts to have complex passwords. It's crucial that anyone using merchant-service–enabled QuickBooks 2010 files download the June update in order to be compliant with the new standards. If you are using an earlier version of QuickBooks plan to follow the same complex password requirements noted above. You can enable complex password requirements by selecting the “Enable Customer Credit Card Protection” from the Customers menu. . - - - - - - - Phishing Email
April 7, 2010
A phishing email using Intuit's name is being circulated. Text of this email is below. Should you by any chance receive this email PLEASE IGNORE IT. Better yet DELETE THE EMAIL before someone else reads it and "helps" you. If any questions, please feel free to contact me and by all means feel free to pass this on to anyone else you know using QuickBooks. You may also wish to bookmark this Intuit site for future reference: http://security.intuit.com/
***Text of phishing email:
We deeply recommend you to create an authorized Digital Certificate to have right of entry Intuit after 10 of April 2010. You can simply do it by installing and running your Intuit digital certificate on your computer. This procedure is automated and is very fast. You must present a Digital Certificate electronically to provide evidence of your identity or your right to access information or services online. It is used so as to make it possible to provide evidence of someone claim that they can use a given key, helping to avert people from using phony keys to pass off other users. Your internet browser uses digital certificates to strengthen the safety of your online sessions with Intuit. ***End text
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