B.A. Harris Blog

Quickbooks and 1099s

You can use the 1099 feature in QuickBooks to create a summary report of the vendors that are eligible for Form 1099-MISC. There are several steps that are necessary for this report to generate the correct information. First turn on the 1099 feature by going to the preferences menu. In this menu there is a “tax:1099” option and under “company preferences” there is yes/no prompt to turn on/off 1099 tracking. Secondly, the accounts you use in Quickbooks have to be mapped to the correct box on the 1099’s.

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New FICA/Payroll Tax Withholding for 2011

As you begin to prepare your first payroll checks of the new year and make your 941 deposits you may notice a difference in the Fica amounts. Since we can all remember, the employer portion and employee portion of FICA has always been the same amount, but beginning in 2011 this has changed. Employees have received a 2% increase to their net paycheck courtesy of the U.S. government. The amount withheld from employee paychecks for FICA is now 4.

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California Franchise Tax Board and Mandatory Electronic Payments

California has passed a law requiring individuals to remit all future tax payments electronically once they either make an estimated tax or extension payment in excess of $20,000 or file a tax return reporting total tax in excess of $80,000. Effective January 1, 2011, the Franchise Tax Board will begin assessing a penalty equal to 1% of the amount paid if a required electronic payment is paid by other means.

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New Reporting Requirements for Credit and Debit Card Payments

The Housing Assistance Tax Act of 2008 enacted Internal Revenue Code section 6050W requiring organizations (banks, credit card companies, others) who settle credit/debit card transactions to report on a new 1099-K form the amounts settled with “payees”. This new rule is effective January 1, 2011. As an example, if your business collects and deposits credit card payments from customers totaling $30,000 during 2011 your credit card company is required to issue you a 1099-K reporting the amount they “settled” with you, or $30,000.

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Non Tax Related Points of Interest

Happy holidays and (almost) New Year. If your holiday break is anything like mine you don’t mind getting back to the office. Don’t misinterpret the meaning of that comment however as I said “don’t mind”. This is different than “can’t wait” or “look forward to”. Hopefully everyone looks forward to the holidays like I do. Festivities, family, friends, food and drink (I don’t know a word for drink starting with “F”).

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