QuickBooksGal

IRs Cracks Down on Independent Contractors

noreply@blogger.com (BlogGal) — Sun, 11 Apr 2010 00:17:00 +0000

(CNNMoney.com) -- If your business uses independent contractors, get ready for new scrutiny. Hoping to boost tax revenue, the IRS and many state governments are cracking down on how companies classify their workers.

When employers report wages for independent contractors on IRS form 1099, rather than a W-2, they aren't required to pay unemployment insurance, worker's compensation insurance or payroll taxes for them. But the rules governing which workers are genuinely "independent" are strict -- and often flouted....More

I found this article and think it is a great resource. Check it out! Make sure you are in compliance.

I'm Jayne Miller, The QuickBooks Gal

Got a QuickBooks Mess?

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Got a QuickBooks Mess? Call The QuickBooks Gal!

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Minimum Wage In Nevada - New Rates, New Rules

noreply@blogger.com (BlogGal) — Thu, 08 Apr 2010 00:18:00 +0000

The Minimum Wage in Nevada Changes July 1, 2010

Know the Rates
Know the Rules

- Employees with paid health care plans – minimum wage is $7.25/hour (previous was $6.55)

- Employees without paid health care: Minimum wage is $8.25/hour (previous was $7.55)

- Employees with paid health care: get overtime for any time worked over 8 hours in a day if they make less than $10.88

- Employees without paid health care: get overtime for any time worked over 8 hours in a day if they make less than $12.38

General Information

Overtime Rules

I'm Jayne Miller, The QuickBooks Gal

Got a QuickBooks Mess?

Call the QuickBooks Gal!

Got a QuickBooks Mess? Call The QuickBooks Gal!

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Got Point of Sale? Want Point of Sale?

We have live versions in our office
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The HIRE Act and How It May Impact Your Business

noreply@blogger.com (BlogGal) — Thu, 18 Mar 2010 19:43:00 +0000

The Hiring Incentives to Restore Employment Act (HIRE), also known as the "jobs bill," is a plan to create jobs by providing a temporary tax break to companies that hire the unemployed. The bill also extends federal highway programs through the end of the year.

Current Status

On March 18, 2010, the President signed the HIRE Act into law. The IRS is now outlining how to handle the Act's provisions. We will continue to monitor the situation, and will update you as final details emerge.

The cornerstone of the HIRE Act is a federal program that will provide employers with incentives to hire and retain employees. HIRE will exempt an employer from paying the employer portion of Social Security taxes for the remainder of the year on new hires who are currently unemployed. If those workers stay on the payroll for at least a year, the employer would also get a $1,000 business tax credit per employee.

Social Security Tax Forgiveness

The 6.2% employer portion of the Social Security tax would be exempt for any qualified individual hired after February 3, 2010 and before January 1, 2011, for wages paid in 2010 to the $106,800 Social Security wage base. Qualified employers may begin claiming this tax credit on the second quarter 2010 Form 941.
A qualified individual meets the following requirements:

Begins employment with a qualified employer after February 3, 2010, but before January 1, 2011.
Has not been employed for more than 40 hours during the previous 60 days. The individual must sign an affidavit attesting to the employer that he was not employed in the previous 60 days, or was employed for no more than 40 hours total.
Is not hired to replace another employee unless the previous employee was separated from employment voluntarily or for cause.

An employer can save up to $6,622 in employer Social Security tax for each qualified hire. There is no limit to the total amount of tax benefits or hires during this period, so employers will receive greater tax benefits by hiring individuals earlier in the year.

Note: The Social Security tax exemption can not be taken in conjunction with the Work Opportunity Tax Credit (WOTC). In other words, if the employer chooses to take the WOTC on a qualified worker, they cannot also take the Social Security tax exemption.

Business Credit for Retention

A business tax credit can be claimed by the employer for each qualified individual hired after February 3, 2010 who stays with the employer for 52 consecutive weeks. This business credit will be the lesser of $1,000 or 6.2 percent of the wages paid by the employer to the retained worker during the 52 consecutive week retention period.

For the employer to claim this additional credit, wages paid during the previous 26 weeks must equal at least 80% of wages during the first 26 weeks of employment.

I hope this info is useful. I'll have more QuickBooks Tips soon.

I'm Jayne Miller, The QuickBooks Gal.
Got a QuickBooks Mess?

Call the QuickBooks Gal!

Got a QuickBooks Mess? Call The QuickBooks Gal!

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Enterprise 7 Just Crashed - Here's a Link to the Updates

noreply@blogger.com (BlogGal) — Wed, 17 Mar 2010 20:17:00 +0000

When I opened my QuickBooks Enterprise 7 today, it crashed once I logged into the company file I wanted to use. I tried to open it in a sample company and had the same results. Since I have several clients who use this version of QuickBooks, I was quite distressed.

I repeatedly received an alert that I needed to install the latest updates, but when I selected Install Now, nothing happened and the program closed. Of course, if I skipped the process, the program continued to crash once I entered my password.

Then I found the solution: Download & install the updates manually. That did the trick! I am not sure why the update installer stopped working, but it did. If you are having the same problem, try the manual installation of the most recent updates. Thanks to this fix, I am back in business!

I hope this info is useful. I'll have more QuickBooks Tips soon.

I'm Jayne Miller, The QuickBooks Gal.
Got a QuickBooks Mess?

Call the QuickBooks Gal!

Got a QuickBooks Mess? Call The QuickBooks Gal!

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Got Point of Sale? Want Point of Sale?

We have live versions in our office
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Have you ever been SWF'd?

noreply@blogger.com (BlogGal) — Wed, 10 Mar 2010 05:55:00 +0000

Did you ever see the movie Single White Female?

A woman takes in a roommate who immediately decides to "become her". She changes her hair, her style of dress, her behavior and more in an effort to eventually eliminate and replace her.

The QuickBooks Gal finds herself in a similar situation. There is a woman in Florida who is SWF-ing me on Twitter, Word Press and other yet to be discovered internet sites. She is NOT a Quickbooks ProAdvisor; she is NOT an Advanced ProAdvisor, she does not advertise any expertise with QuickBooks except what might be presumed by using my name!

I have written, faxed, and emailed to her with no success. She neither responds nor desists. She uses my name in just enough places to lend an air of credibility to her practice.

As all of my followers, fans, and clients know, I have worked diligently for many years to make The QuickBooks Gal a trusted, honest and reliable source of information, news and support.

I have contacted Twitter,and continue to defend the integrity of The QuickBooks Gal's reputation. I am in the process of contacting other social media outlets as well.

I want to express my sincerest thanks to everyone who has and continues to support me, Jayne Miller, The QuickBooks Gal, over the years. I will continue to provide ongoing blogs that I hope you will find informational, useful and occasionally entertaining.

I'm Jayne Miller, The QuickBooks Gal

Thank you for your support.

QuickBooks 2007 Sunsets Soon - Key Functions Will Cease

noreply@blogger.com (BlogGal) — Tue, 02 Mar 2010 00:18:00 +0000

If you're using QuickBooks 2007 It's time to Upgrade your Product

It is time to upgrade from QuickBooks 2007 because key functions in this program will STOP WORKING and SOON.

These key functions include:

· Online banking

· The ability to email invoices from QuickBooks

· Credit card processing

· Payroll processing

If you use your QuickBooks for any of these, it's time to upgrade to QuickBooks 2010.

Visit our Store today to purchase QuickBooks 2010

Save 20% and get Free Shipping!

Got a QuickBooks Mess? Call The QuickBooks Gal!

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We have live versions in our office
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Employment Eligibility Verification Form, Form I-9.

noreply@blogger.com (BlogGal) — Thu, 25 Feb 2010 00:22:00 +0000

The Immigration Reform and Control Act of 1986 (IRCA) prohibits employers from hiring individuals who are not authorized to work in the United States.

Employers must verify that new hires are eligible to work within three days of their start date by having them complete the Employment Eligibility Verification Form, Form I-9.

Employers can be held liable for failing to comply with IRCA requirements and for knowingly or intentionally hiring, or continuing to employ, unauthorized workers.

Below are some important guidelines for complying with employment verification requirements from the folks at HR411.com Their Newsletter is an incredible resource....you may want to visit their site to subscribe.

1. Supporting documents. All new hires are to complete the I-9 form and supply employment eligibility documentation, such as a driver's license, social security card, or U.S. passport. Acceptable forms of documentation are listed on the last page of the form. Employers must examine presented documentation and record the document title(s) and number(s) on Section Two of the form. Employers are also required to sign the form, attesting that they have reviewed the presented documents and that the documents provided appear to be authentic. It's critical to only accept original documents and those that appear to be genuine and relate to the individual presenting them.

2. Photocopies. Although not required by law, it is a good practice to photocopy presented documents. Doing so demonstrates that you were in fact provided with the documents you listed in Section Two of the I-9 form. If you do decide to make photocopies of presented documents you must do so consistently for all employees. Photocopies may only be used for the verification process and should be retained with the employee's I-9.

3. The deadline. Section 1 of the I-9 form must be completed the day in which the employee begins their employment with you. Section 2 must be completed within 3 business days of the employee's start date. It is recommended that you provide new hires with a copy of the list of acceptable documents (found on the last page of the form) prior to their arrival. This will ensure that the new employee is prepared to present appropriate documentation upon starting their employment with you. One exception: if an employee is unable to present required documentation within 3 business days of their start date, the employee must produce a receipt showing that he or she has applied for the document. The employee must then present the actual document within 90 days of hire.

4. Retention. The completed I-9 form must be retained for three years following an employee's date of hire or one year following their termination, whichever is later. Because I-9s contain protected information, such as an employee's age and citizenship status, it is recommended that they are retained in a locked file separate from other personnel files. Keeping I-9s in a separate file will also help you to better prepare for an I-9 audit, since employers must make I-9s available for inspection by government officials.

5. Multi-location retention. For employers with multiple locations, personnel paperwork is not typically processed centrally. This presents the challenge of ensuring that the hiring manager at each location is properly and consistently completing I-9 forms for each new employee and is also maintaining them for as long as is required by law. If you have multiple locations, it is imperative that you have someone at each location that is trained in properly completing and storing I-9 forms.

6. Rehired employees. When rehiring an employee, you must ensure that he or she is still authorized to work in the United States. If more than three years has passed since the individual initially completed the I-9, he or she must complete a new I-9. Otherwise, you may re-verify their employment eligibility by completing Section 3 of the form. If the employee's original form of identification has expired, you will need to examine a document that reflects current employment eligibility and record the document title, number, and expiration date within this section. Note: this is only for rehired employees; current employees are not required to re-verify their employment or complete a new I-9 every unless their work authorization documents have expired.

7. Re-verification. For employees who indicated an employment authorization expiration date in Section 1, employers are required to re-verify their employment eligibility on or before the date provided. Employers are to complete Section 3 when updating and/or re-verifying Form I-9. During this re-verification process employers must accept any valid documents an employee chooses to present, whether or not they are the same documents provided initially. Employers cannot specify which documents they will accept from an employee. If the employee is not able to provide proof of current employment eligibility, you cannot continue to employ that individual.

8. Conduct internal audits. Conduct in-house audits on a regular basis to ensure compliance. Doing so will assist in identifying problems and will allow you to make corrections before you're caught off-guard by an ICE inspection. An internal audit can also help to bring attention to common errors made by managers, identifying areas in which additional training may be needed in order to ensure compliance.

9. Consider E-Verify. To go that extra step in demonstrating your efforts to only hire authorized workers, you may choose to participate in E-Verify. E-Verify is an Internet-based system available to employers by the Department of Homeland Security (DHS), free of charge. The program links to federal databases to help employers establish employment eligibility of new hires and to verify the validity of new employees' Social Security numbers. Although E-Verify offers further protection in ensuring employees are authorized to work, employers using E-Verify must still require new hires to complete an I-9. Just remember, if you do decide to use E-Verify, you must do so consistently for all new hires.

10. Develop an investigation action plan. Designate someone to be chiefly responsible for communicating with ICE agents during an I-9 audit. This individual should receive training on how to respond to the auditors' questions as well as how to properly document the visit. To the extent possible, make and retain copies of the documents that are handed over to ICE officials, and be sure to keep a record of everything the government collects. The agency must provide three days' advance notice of their intent to inspect an employer's records. If officials show up unannounced, employers can request 3 days to make the paperwork available.

11. Penalties. Employers may be assessed civil penalties for hiring or continuing to employ unauthorized aliens, failing to comply with Form I-9 requirements, or not requiring identification at the time of hire. Failure to properly complete and retain the I-9 may result in civil penalties ranging from $100 to $1,000 for each violation. Employers may also be subject to criminal penalties for: knowingly hiring or continuing to employ unauthorized aliens; engaging in fraud or false statements; or misusing visas, immigration permits, or identification documents. Employers that hire illegal aliens can also be debarred from federal contracts.

Employers must make every reasonable effort to ensure new hires are authorized to work in the United States. By following the guidelines outlined above, employers can be prepared for an ICE inspection and ward against the stiff penalties associated with non-compliance.

Got a QuickBooks Mess? Call The QuickBooks Gal!

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jayne@qbgal.com

Northern Nevada's Only Intuit Solutions Provider

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We have live versions in our office
Call to schedule a trial demonstration!

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Get YOur Own Page On Google

noreply@blogger.com (BlogGal) — Wed, 24 Feb 2010 19:48:00 +0000

Get your own page on Google!

A friend just told me about this!

Now you can have a page on Google in your own name!

Click here to learn more!

Promote Yourself - Promote Your Business!

Got a QuickBooks Mess? Call The QuickBooks Gal!

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Got Point of Sale? Want Point of Sale?

We have live versions in our office
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QuickBooks Bank Account Has Never Been Reconciled! Bulk Reconcile is the Answer

noreply@blogger.com (BlogGal) — Fri, 22 Jan 2010 03:07:00 +0000

Help! How Can I Reconcile Years of Transactions Without Doing a Month-To-Month Reconciliation Since the Beginning of the Company File?

I frequently get this question. This morning a follower sent an email saying that the bank accounts in her QuickBooks file had not been reconciled since the file was created in 2002. She wanted to know if there is a way to do a bulk reconciliation or if she would have to start from the beginning and reconcile years of transactions since the beginning.

The answer is DO ONE LARGE BULK RECONCILE.

I prefer to do a BULK Reconciliation to the last or next to the last month of the year before my current year. In this example, 2009 is still technically an open year because we have not prepared our Income Taxes and it is wise to reconcile the January bank statement before closing the year....just to be sure you have not failed to record any December activity that may have cleared in January.

Here's how I answered her email using her example of 2002 - current:

Select a reconciliation date - let's use 11.30.08 and record the ending balance from the statement

Verify that all dates on the entry page of the reconciliation agree: Reconciliation Date; Bank Service Charge Date and Interest Earned Date....THIS IS VERY IMPORTANT! DOUBLE CHECK THIS BEFORE YOU GO ANY FARTHER!

Place a check mark in the box inside the reconciliation window where you see the list of checks and deposits that allows you to show only the items as of the date of the currently selected bank statement (11.30.08)

Make sure that your check & deposit columns are sorted by date

Select "Mark All"

Using the November 2008 bank statement, "uncheck" any items that are not on that statement....if they are not there, they didn't clear in November.

Next, using the DECEMBER 2008 statement, double check that you did not "clear" anything that should have remained open until the following month.

If you are sure that you have checked carefully and your bank reconciliation remains out of balance, make a journal entry to OTHER EXPENSE to balance the statement.

(I use this method because the out of balance is the result of missing transactions that would eventually become Retained Earnings if they had been properly entered and cleared; and because I would like to post any historic adjustments to an Other account type so that a) I can easily locate and research it later and b) I can feel confident that the tax professional who will be preparing tax returns or reviewing company books will review any postings to Other Expense and make correcting entries for the adjustments I've made.

Reconcile December 2008 using the same method. This should give you a pretty accurate year-end bank reconciliation.

Reconcile 2009 month by month to assure that you have accurate bank reconciliations for the most recent year and to "reset" your file and assure an accurate, sequential reconciliation process going forward.

Thanks Imelda for a Great Question
and a Great Topic for our Blog!

I hope this is useful information.

Got a QuickBooks Mess? Call The QuickBooks Gal!

Got a QuickBooks Mess?
Call The QuickBooks Gal!

775-348-9225

jayne@qbgal.com

Northern Nevada's Only
Intuit Solutions Provider

Got Point of Sale? Want Point of Sale?
We have live versions in our office
Call to schedule a trial demonstration!
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End of Year Record Retention Guide

noreply@blogger.com (BlogGal) — Sat, 26 Dec 2009 02:11:00 +0000

End of Year Record Retention Guide

Getting ready to store your financial records for 2009?
Here's a handy guide to help you decide what to keep and what to toss.

Record Retention Guide
Type of Record	Retention Period
Bank Statements	7 Years
Business Licenses	Until Expired
Cash Register Tapes	3 Years
Check Registers	Keep Permanently
Canceled Checks	3 Years
Deeds, Titles, Title Insurance	Length You Own the Property
Financial Statements	Keep Permanently
General Ledger	Keep Permanently
Inventory Records	7 Years
Invoices/Bills - Accounts Payable	3 Years
Invoices - Accounts Receivable	3 Years
Phone/Utility Bills	3-6 Years
Property, Plant & Equipment Records	Keep Permanently
Purchase Orders	3 Years
Receiving Reports	3 Years
Tax Returns & Related Backup	10 Years Minimum
Time Cards or Tickets	3 Years
Travel Expense Records	7 Years

Got a QuickBooks Mess?
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Call to schedule a trial demonstration!
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Do’s and don’ts for paying part-time employees

noreply@blogger.com (BlogGal) — Fri, 11 Dec 2009 05:28:00 +0000

Do’s and don’ts for paying part-time employees

Source: The American Institute of Professional Bookkeepers; Bookkeeping Tips Newsletter

Do withhold FICA on part-timers, including retirees.

Even if someone who works for you part-time also has a full-time job where they have had 100% of their FICA withheld for the year, you must withhold the full amount of FICA from their pay. These individuals can obtain a refund of any overpaid FICA on their 1040. Similarly, if a retiree receiving Social Security benefits works for you, say, one day a week, you must withhold FICA.

Don’t assume former employees who return part-time are Independent Contractors.

If they do the same job they did before they left, especially in the same tax year, they are employees, not independent contractors.

Don't base worker status on length of service.

A worker who fits the definition of “employee” is an employee and all employment taxes apply—even if he or she works for you only for a few hours on only one day, is still an employee.

Don't assume you must give benefits

To part-timers, or summer help or those hired for holidays.

Nor are you required to include temps and part-timers in health, pension and other benefits. But to exclude them, have a written plan stating which benefits are not available to these workers.

Do define “part-time” v. “full-time” employees in your manual.

For purposes of paying overtime under federal law, this distinction is determined by company policy, not federal law. Federal wage and hour law restricts only the number of hours worked in the workweek, when overtime must be paid (for each hour worked over 40 hours in the workweek) and the minimum overtime pay required, and the number of hours that children can work.

Got a QuickBooks Mess?
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jayne@qbgal.com

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Intuit Solutions Provider

Got Point of Sale? Want Point of Sale?
We have live versions in our office
Call to schedule a trial demonstration!
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Installing QuickBooks R9 - Update to New Version Window

noreply@blogger.com (BlogGal) — Thu, 03 Dec 2009 00:50:00 +0000

If you haven't installed the New Update R9 for QuickBooks 2009 yet, please note that you may get a window that reminds you that you are upgrading the product and asks for your acceptance before proceeding. Just check the box next to the "I understand......" statement and follow the onscreen instructions.

Note: If you have multiple company files in QuickBooks, you will have to do this the first time you open each company file.

Additionally, once your update is installed on one computer, you must do this on all computers that have that company file if you wish to work in the file from a different computer...office/home office, client/accountant, for example.

For more information about this update, I've reprinted my recent blog below.

Major QuickBooks 2009 Update

QuickBooks 2009 Release 9 (R9) Won’t Be Backwards Compatible with Earlier Releases of the 2009 Software

Intuit QuickBooks 2009 R9, going out live as an Automatic Update on December 1, has important improvements for both Accountants and their clients. It is strongly recommend that both users apply the update.

However, unlike other updates in recent history, this update will not be backwards compatible with earlier releases of QuickBooks 2009.

This update includes recent changes to tax tables and forms for many states. QuickBooks 2009 R9 includes a patch to the underlying QuickBooks database that further improves data stability in significant ways.

Specifically, QuickBooks 2009 R9 will take advantage of a new Sybase SA10 patch.

While QuickBooks is already remarkably stable, Intuit estimates this patch will remove many remaining data issues in whole or in part.

The update will also improve speed of execution for heavy users, as well as improve performance in selected reports.

Beyond the database updates, the release addresses a large number of specific issues.

Intuit currently expects R9 to be released as follows:

Nov. 19, 2009: QuickBooks 2009 R9 release notes and the manual update are made available at the QuickBooks Updates site.
Tuesday, Dec. 1, 2009: The Automatic Update is pushed out to appear as an update in-product. Users should be encouraged to allow automatic updates and to accept the patch.

Notes

The release affects Windows desktop versions of QuickBooks 2009 and QuickBooks Enterprise 9.0. It further affects backwards compatibility with earlier versions of the same software products.

Backwards compatibility in the QuickBooks 2009 Accountant's Copy includes previous releases of QuickBooks 2009 and QuickBooks 2008.

QuickBooks 2009 R9 will move the underpinnings of the QuickBooks database from Sybase SA10 patch 3712 to patch 3960. Intuit has tested the patch in multiple scenarios and found that with the patch, QuickBooks 2009 shows significant improvements in many areas of data handling, including those areas which are associated with rare instances of data corruption, especially among heavy users.

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Free Tax Calendar From IRS

noreply@blogger.com (BlogGal) — Wed, 02 Dec 2009 00:20:00 +0000

Did you know you can get a Free Tax Calendar from the IRS?

When you visit the IRS site, you can click on the tab below the picture to order the wall calendar. You can order up to 5 copies!

This is GREAT TOOL for bookkeepers and small business owners!

Check Social Security Numbers Online

Now you can verify current and future employee Social Security numbers online. Enroll online, then you can access the SSA site to verify employee social security numbers. Save time, eliminate hassle, verify online!

EFTPS - Sign up to pay your payroll taxes online
Easy to sign up, easy to pay! Great for managing cash flow....you can schedule future payments and pay online.

QuickBooksGal Tip:

Open a dedicated checking account and keep a minimum balance of $100 in the account. Then a day or so before your scheduled tax payment, transfer the funds to cover that payment into the "Payroll Tax Checking Account".

I prefer not to have outside entities accessing my primary business account. I use a separate checking account for my payroll and payroll taxes.

Using a dedicated account for payroll, EFTPS and State/Local payroll taxes that are paid online limits my potential loss to whatever cash is in the account should the IRS, or any other authorized accessing entity make an error.

It is also a safeguard should a dishonest employee attempt to forge or alter a paycheck...they can only get what is in there....my operating account is protected.

Got a QuickBooks Mess?
Call The QuickBooks Gal!

775-348-9225

jayne@qbgal.com

Northern Nevada's Only
Intuit Solutions Provider

Got Point of Sale? Want Point of Sale?
We have live versions in our office
Call to schedule a trial demonstration!
775-348-9200

qbdoc@qbdoc.com

Major QuickBooks 2009 Update - Compatiblity Issues

noreply@blogger.com (BlogGal) — Thu, 19 Nov 2009 22:07:00 +0000

However, unlike other updates in recent history, this update will not be backwards compatible with earlier releases of QuickBooks 2009.

Nov. 19, 2009: QuickBooks 2009 R9 release notes and the manual update are made available at the QuickBooks Updates site.
Tuesday, Dec. 1, 2009: The Automatic Update is pushed out to appear as an update in-product. Users should be encouraged to allow automatic updates and to accept the patch.

Got a QuickBooks Mess?
Call The QuickBooks Gal!

775-348-9225

jayne@qbgal.com

Northern Nevada's Only
Intuit Solutions Provider

Got Point of Sale? Want Point of Sale?
We have live versions in our office
Call to schedule a trial demonstration!
775-348-9200

qbdoc@qbdoc.com

Payroll Updates - Update or Manually Download

noreply@blogger.com (BlogGal) — Tue, 03 Nov 2009 01:57:00 +0000

Intuit QuickBooks Payroll has released Payroll Update 20922.

This update includes recent changes to tax tables and forms for many states.

Even if there are no updates to forms or tax tables for your state, Intuit is always making improvements to your payroll product, so it's important to keep your software updated!

If you have Automatic Updates turned on and have selected all the updates to download automatically, your QuickBooks software should download and install the update for you.

If you do not have Automatic Updates turned on, you can still get this payroll update manually.

Thanks to the folks at Intuit for this timely "Heads Up"!

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Call Us

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New Printer Won't Print in QuickBooks?

noreply@blogger.com (BlogGal) — Wed, 21 Oct 2009 22:52:00 +0000

Have you recently purchased a new printer and found that it works in every program on your computer except QuickBooks?

You're not alone. The fix is easy...simply follow these steps:

Go to the printer (under control panel)
Right click on the printer
Select properties
Select the advanced tab
Check print directly to printer option

Voila you can print!

Got a QuickBooks Mess?
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IRS & States Team up to Find Independent Contractors

noreply@blogger.com (BlogGal) — Tue, 20 Oct 2009 04:49:00 +0000

The IRS and the states know how tempting it is to classify workers as Independent Contractors because of saved employment taxes.

That’s why Delaware and Wisconsin are targeting the construction industry with penalties of $1,000-$5,000 per violation.

Other states such as Indiana and Nevada and Ohio are starting to share information on misclassified workers and similar violations.

Expect your state to be watching you for misclassifying employees as Independent Contractors.

Determining a workers’s status depends on the facts that define both the entity and relationship of the entity to the worker at the time that the services are rendered.

Here are the two categories of workers that the IRS and states are focusing on:

Common Law Employee - Works for and performs services under the control of the entity that pays for the services.

Independent Contractor - An individual in business for him-/herself whose services are free of control from the entity paying for the services.

Employment taxes apply soley to employee wages. These include FITW, employee and employer FICA, and FUTA.

States may have SITW, SUI and disability.

A business normally is not required to withhold from payments to Independent Contractors, but there are exceptions in some states.

Classification of Employees vs Independent Contractors

Classification depends on the degree of control exercised by the entity. Evidence of control vs independence fall into 3 categories: behavioral control, financial control, and the relationship between the parties:

Behavioral Control: Facts that indicate whether the entity has the right to direct and control how the worker does the task for which the worker is paid including the type and degree thereof.

Instructions given to an employee: An employee is generally subject to the business' instructions about when, where, and how to work. Even if no instructions are given, sufficient behavioral control may exist if the employer has the right to control how the work is done.

Training given to the worker: Although an employee may be trained to perform services in a particular way, Independent Contractors ordinarily use their own methods.

Financial Control: Indications of the entity’s right to control the business aspects of the worker’s job include:

Unreimbursed Business Expenses: Independent Contractors are more likely to have unreimbursed expenses than employees.

The Worker's Investment: An Independent Contractor often has a significant investment in the “facilities” used to perform services for someone else, but this is not mandatory.
To What Extent the Worker' Services are Available to Other Entities: Employees tend to work for a single business.
How the Business Pays The Worker: An employee generally is paid by the hour, week, or month. An Independent Contractor usually is paid by the job, although in professions, such as law, Independent Contractors are paid an hourly rate and are nevertheless still Independent Contractors.
The Extent in Which the Worker Can Realize a Profit or Incur a Loss: An Independent Contractor can make a profit or have a loss.

Type of Relationship: Facts that reveal the type of relationship between the entity and worker include:

Written contracts describing the type of relationship the parties intend to create.
Whether the entity offers the worker employee-type benefits-e.g., insurance, a pension plan, vacation pay, sick pay.
Permanency of the relationship. Expecting a worker to stay with you indefinitely rather than for a specific project or period is generally evdidence of an employer-employee relationship.
The extent to which the services performed by the worker are a key aspect of the entity’s regular business. If a worker’s services are a key aspect of the entity’s business activity, it is more likely that the entity has the right to direct and control those services, indicating an employer-employee relationship.

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For official IRS guidance, use Pub. 15-A. For related publications that give additional details, go to www.irs.gov and in the search box, type “employee vs. IC.” If you still don’t know if a worker is an employee, file Form SS-8 with the IRS to get a determination.

Changing Bank Accounts after You've Written Checks

noreply@blogger.com (BlogGal) — Sat, 17 Oct 2009 21:26:00 +0000

“I opened a new checking account, but ran payroll checks through the old checking account in QuickBooks.

How do I fix them?”

This is so easy to do....and the answer is simple...here's how.

Go to Reports->Banking->Check Detail
In the upper left hand corner of the report, select MODIFY
Select the date range and filter for the the bank account that you incorrectly posted the checks to
Return to the report
Double-click on each check in the report to bring it up on your screen
Change the bank account in the upper portion of the check form to the desired bank account
Press SAVE & CLOSE to complete the correction and return the to modified report

When the report is empty, you will have moved all the checks to the correct account.

Finally, double-check each bank account register to be sure that you have properly reassigned the transactions you wanted to correct.

Got Questions? Call Us!

775-348-9225 Call The QuickBooks Gal!

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QuickBooks Scan and Deposit

noreply@blogger.com (BlogGal) — Sat, 17 Oct 2009 20:57:00 +0000

Have you heard about the new feature from QuickBooks called Check Solutions?

Save time and hassle: Skip the bank lines and start processing checks electronically. Scan, Deposit, Done!

Features

Scan your checks with Intuit Check Solution for QuickBooks and eliminate almost all the time you spend depositing and accounting for check payments
Intuit Check Solution for QuickBooks provides two ways to process electronic checks depending on how your business takes check payments

Scan checks - if you receive paper check payments in the mail or in a drop off box, you can scan the paper check into QuickBooks. You can also take check payments over the phone with this option.
Checks over the phone - take check payments over the phone and key the check information directly into QuickBooks.

Save time depositing check payments

Scan up to 30 checks per minute, or accept checks over the phone and manually enter check info(no scanner required)
Skip the bank: send your check payment transaction electronically, anytime.
Eliminate time spent filling out deposit slips

No waiting, accept checks over the phone

Accept checks over the phone and key enter check info (no scanner required)
No need to wait for checks to arrive in the mail
Can be more cost-effective than electronic payment alternatives such as PayPal

Save time accounting for check payments

Intuit Check Solution for QuickBooks captures check information (by scan or manually) and enters it into QuickBooks for you
Automatically matches check payments to invoices so you don't have to

Minimize hassles of returned checks

Intuit Check Solution for QuickBooks includes a verification service that reduces the risk of bad checks

Get your money sooner

Deposit your checks when you receive them, not when you make your weekly bank visit
Intuit Check Solution for QuickBooks includes the option to take checks over the phone and enter the info manually, with no need to wait for the mail to arrive

Apply Online for eCheck by Phone or call (888) 385-0273

Got Questions? Call Us!

775-348-9225 Call The QuickBooks Gal!

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jayne@quickbooksgal.com

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What IRS Auditors Look for When Examining a Business

noreply@blogger.com (BlogGal) — Wed, 14 Oct 2009 01:15:00 +0000

Recently, a client asked me about the IRS and what they might look for in an audit.

* He keeps great records and is very careful not to "co-mingle" funds.
* All cash received is deposited to the company business checking account.
* And, in an effort to better control cash purchases, he has opened a separate bank account that he funds periodically from the business operating account.
* He then carries the ATM debit card for that account and makes "cash" purchases with that card.
* Additionally, all workers are either employees or licensed contractors.

I found a great article from Wells Fargo that I think provides a great check list for some of the most common issues the IRS may consider when reviewing a business file in an audit. Here is an excerpt from that article:

In the case of audit, be aware that the IRS training manual tells its auditors that they are examining you, not just your tax return.

The auditor wants to see how you match up with the income reported on your return, or what the IRS terms “economic reality.”

According to Frederick W. Daily, tax attorney and author of Stand Up To the IRS and Tax Savvy for Small Business, if your business is audited, the IRS is likely to investigate the following issues:

Does your lifestyle square with your reported income? “

An auditor sizes you up for dress, jewelry, car and furnishings in your home or office, if given a chance to make these observations. Someone who looks like a Vegas high roller, with the tax return of a missionary, will cause any auditor to dig deeper,” Daily says.

Does your business handle a lot of cash?

If your business handles a lot of cash, expect the auditor to suspect skimming, or diverting income into your own pocket, without declaring it.

Did you write off auto expenses for your only car?

Personal use of your business-deducted set of wheels is so common that auditors expect to find it.

That doesn’t mean they’ll accept it, however. Auditors don’t believe you use your one-and-only auto 100% for business and never to run to the grocery store or the dentist.

If you operate your car for both business and pleasure and claim a high percentage of business usage, keep good records (preferably a mileage log).

Did you claim personal entertainment, meals or vacation costs as business expenses?

Travel and entertainment business expenses are another area where the IRS knows it can strike gold. Document all travel and entertainment deductions. Taking buddies to the ball game and calling it business won’t fly if you can’t explain the business relationship in a credible fashion.

Did you “forget” to report all of your business sales or receipts?

If you failed to report significant business income—$10,000 or more—strongly consider hiring a tax pro to handle the audit. Remove yourself from the process altogether.

If the auditor finds evidence of large amounts of unreported income, and it looks intentional, he may call in the IRS criminal investigation team.

If you have employees, are you filing payroll tax returns and making tax payments?

Employment taxes are a routine part of every audit of a small enterprise.

And last but not least, if you hire people you call “independent contractors,” are they really employees?

The IRS routinely conducts audits of businesses that hire independent contractors, because of the tax savings associated with hiring contractors instead of employees.

These are great questions for all of us to ask about our business practices. Check with your tax professional for more guidelines to proper record keeping and IRS tax compliance.

Payroll - Getting Ready for End Of Year

noreply@blogger.com (BlogGal) — Sun, 04 Oct 2009 19:07:00 +0000

It's time to start thinking about end of year procedures. One of those for me is verifying payroll to assure that there won't be any problems when it comes time to prepare W-2 forms.

There is a great tool in QuickBooks called the Payroll Summary Report.

You can find that in the Report drop down menu at the top of the main window in QuickBooks. From there, select Employees & Payroll and then select the Payroll summary.

You can use this report to review totals by employee and for your company. Additionally, you can review payroll-related liabilities & expenses by employee and grand totals for the company by date range or for the year to date.

I generally print this report every time I create a payroll and keep that report in my Payroll Book and I always keep a final year-end copy with my payroll records and employer copies of quarterly reports & W-2's.

I hope this tip is useful. Please tune in again for another QuickBooks Gal Minute.

Got a QuickBooks Mess? Call The QuickBooks Gal!

I'm Jayne Miller, The QuickBooks Gal. Thanks for your continued interest. If you have questions or suggestions for future topics, please drop me a line at jayne@qbgal.com.

Recording Foreigh Transactions & Foreign Currency Conversion

noreply@blogger.com (BlogGal) — Thu, 01 Oct 2009 02:51:00 +0000

Accounting for foreign transactions and foreign currency translation*

If your firm agrees to receive payment in a foreign currency, you record two transactions.

Assume that your firm signs a sales contract with Toronto Co and will be paid $1,000 (Canadian) 30 days after it receives the merchandise. On the transaction (sales) date, the exchange rate is $1 (Canadian) = $1.15 (U.S.), so you record the following general journal entry:

Accounts Receivable	1,150
Sales	1,150

To record foreign sales transaction (1,000 x $1.15)

However, 30 days later the Canadian currency has weakened, and the exchange rate is now $1 (Canadian) = $1.10 (U.S.). That 1,000 Canadian dollars can purchase only 1,100 U.S. dollars, not the 1,150 U.S. dollars your firm budgeted to receive. Thus, your firm incurs a loss. On the settlement date, you must record two journal entries.

Record the payment received and the $50 loss.

Position in Canadian Dollars	1,100
Loss on Exchange	50
Accounts Receivable	1,150

Purchase U.S. dollars for the Canadian dollars your firm received.

Cash	1,100
Position in Canadian Dollars	1,100

Had the Canadian dollar strengthened after the settlement date, Toronto Co’s payment would purchase more U.S. dollars than you had budgeted for, resulting in a gain. You would then have recorded the following entries:

Position in Canadian Dollars	1,250
Accounts Receivable	1,150
Gain on Exchange	100
Cash	1,250
Position in Canadian Dollars	1,250

*Excerpted from the AIPB newsletter; author - Dr. Suzanne N. Cory, Ph.D., Professor of Accounting, Bill Greehey School of Business, St. Mary’s University, San Antonio, TX.

QuickBooks 2010 Check Signing Feature

noreply@blogger.com (BlogGal) — Tue, 22 Sep 2009 23:40:00 +0000

Print Signatures on Checks

Intuit Payroll has added a new check-signing feature in QuickBooks to make issuing checks more efficient. Instead of signing each check, you can now scan your signature once, save the image, and then use it in QuickBooks when you print checks on your pre-printed check stock.

The signature works for all check transaction types, including paychecks, liability checks, bill payment checks, sales tax payment checks, and standard banking checks. You can print your signature on both voucher checks (one to a page) and non-voucher checks (three to a page). Note: The signature will not work on wallet-sized checks.

Federal Reserve Bank Holiday Schedule

noreply@blogger.com (BlogGal) — Thu, 17 Sep 2009 18:43:00 +0000


Holiday	2009	2010
New Year's Day	1-Jan	1-Jan
Martin Luther King, Jr. Day	19-Jan	18-Jan
Presidents' Day	16-Feb	15-Feb
Memorial Day	25-May	31-May
Independence Day	July 4*	5-Jul
Labor Day	7-Sep	6-Sep
Columbus Day	12-Oct	11-Oct
Veterans' Day	11-Nov	11-Nov
Thanksgiving Day	26-Nov	25-Nov
Christmas Day	25-Dec	25-Dec
*For holidays falling on Saturday, Federal Reserve Banks and Branches will be open the preceding Friday. For holidays falling on Sunday, all Federal Reserve Banks and Branches will be closed the following Monday. Expanded schedule can be found at: Federal Reserve System Holidays

QuickBooks Accountants Edition 2010

noreply@blogger.com (BlogGal) — Wed, 16 Sep 2009 18:59:00 +0000

QuickBooks Accountant's Edition 2010 Coming Soon!

If you are an Accounting Professional, don't wait!
We're taking orders now for upcoming product release!
Call us today!

Save Even More Time with QuickBooks 2010

Expanded Client Data Review.
Document management.
Adding or editing multiple list entries.
Intuit Statement Writer.
and many more.

Order your software today....call to order or for more information!

775-348-9200

jayne@quickbooksgal.com