QuickBooks Firewall and Internet security settings for updates and network access:
For QuickBooks Pro 2012, the following ports need to be opened for incoming and outgoing network traffic: 80, 8019, 56722, and 55348-55352.
For more information about other editions and/or the indiviual executables that utilize the ports, see:
Source: http://support.quickbooks.intuit.com/support/articles/SLN41458
Report all original Sales (including those sales that were later returned in the same reporting period) on line 1, “Gross Sales”. Report Returns (regardless of what period the original sale took place) on line 3, “Non-Taxable Sales”.
Source: Betty at South Dakota Department of Revenue 800-829-9188 or 605-773-7126 on 01/31/2012.
You may receive for the first time for tax year 2011 Form 1099-K from your merchant account provider or other third party payment processors such as Paypal for amounts customers paid to you through their network.
You should add up all Form Form 1099-MISC and Form 1099-K amounts and make sure that total amount is equal to or less than the gross sales amount you are reporting on your tax return, otherwise you are guaranteed an inquiry and/or audit from the IRS and your stat income tax authority, if applicable.
If you receive a Form 1099 that is incorrect, you should go back to the payer and request that they provide you with a corrected form and that they adjust the amount with the IRS if it has been already filed with them.
We can issue your Form 1099’s and correct forms that were erronously generated and filed. Contact us today.
IRS Announces 2012 Standard Mileage Rates, Most Rates Are the Same as in July |
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How to find a MCC (Merchant Classification Code) http://visa.via.infonow.net/locator/usa/supplier/NewSearch.do
There’s been new rules, then some rules repealed and then some added. It’s hard to know where we stand with all the Form 1099-MISC filing requirements.
First, where’s the specific 2011 Form 1099-MISC Instructions? It’s missing from the IRS’s web site as of the writing of this post. There’s instructions for 2010 and 2012 but no 2011. It should be here: http://www.irs.gov/pub/irs-pdf/i1099msc_11.pdf based on the naming scheme used for other instructions. A deeper search of the IRS’ site where they store revisions shows it here: http://www.irs.gov/pub/irs-prior/i1099msc–2011.pdf. Maybe because of all the changes it’s messed up or maybe the 2012 one is really the latest 2011…who knows!
According to an Intuit Knowledge Base Article, Beginning with tax year 2011, the IRS requires you to exclude certain payment types you made to a 1099 vendor on Form 1099-MISC that will be included on third party payment processors such as credit card companies, PayPal etc. on forms 1099-K. http://payroll.intuit.com/support/kb/2001238.html?cid=1099_commty
Only 2012 version of QuickBooks have a wizard cabable of helping you code and exclude such payments. All other versions you must take a manual work-around and there are a few options. A couple of which are listed here: http://payroll.intuit.com/support/kb/1002600.html.
To top it off, according to the General Intructions for From 1099 penalties are increasing for improperly filed and non-filed information returns! http://www.irs.gov/pub/irs-pdf/i1099gi.pdf
We can help you get it right. There’s still some time left…call today.
2012 South Dakota Tax Rates and Wage Bases:
Unemployment (UI):
Rate: varies by employer UI account. First three year determined by statute: http://dlr.sd.gov/ui/uitaxfaqs.aspx#taxrates
A “Contribution and Investment Fee Rate Notice for 2012” is mailed in November for the next year’s rates and wage bases. If you cannot locate, call SD DOL UI Insurance Division 605-626-2312.
Wage Base: $12,000
Investment Fee (IF):
Rate: varies by employer UI account. First three year determined by statute. See link above.
Wage Base: $12,000
Surcharge (SC):
Rate: determined at the end of each quarter whether the state’s UI Trust Fund balance < $11M.
Wage Base: $12,000
Source: http://dlr.sd.gov/ui/uitaxfaqs.aspx#taxrate
Source: http://dlr.sd.gov/ui/uitaxemployerupdate.aspx#surcharge3
It is possible to convert a Customer to a Job, however, it involves very skillful use of the mouse, here’s how to do it:
a.) Open Customer Center.
b.) If you don’t have the parent (new customer of job) that the old customer will be a job of, create the parent customer or job.
c.) Select the old customer that you want to make into a job so that it’s black. Click on the diamond to the left of that name and drag it beneath the name that it should be a job of. Release mouse button. If the customer has jobs, it will be the next customer after the jobs.
d.) Click on the diamond to the left of that name and hold down on the left mouse; a vertical dashed line should appear. Drag it to the right until it matches up with the diamond of the name that it should be a job of. Release the mouse button.
Reporting in QuickBooks Employer-Sponsored Health Coverage Cost for Tax Year 2012.
If you are currently using an Intuit QuickBooks Payroll solution – including Basic Payroll, Standard Payroll, Enhanced Payroll, or Assisted Payroll – read on to find out more about reporting employer-sponsored health coverage cost for tax year 2012.
A new tax tracking type, Health Coverage Cost, was released in Payroll Update 21201 on 12/15/2011. This will provide QuickBooks Payroll subscribers a way to track the cost of coverage to be reported on employees’ 2012 Forms W-2 in box 12, code DD. The Intuit Payroll team has created a step-by-step guide to help you set up a payroll item for tracking the cost for your employees. Click here for the Health Coverage Reporting User Guide for QuickBooks.
Not all employers will be subject to the new reporting requirement for calendar year 2012. In April 2011, the IRS published Notice 2011-28 providing interim guidance on informational reporting to employees of the cost of their employer-sponsored group health plan coverage. On January 3, 2012, the IRS published Notice 2012-9 that restates and amends the guidance in Notice 2011-28. For the latest interim guidance, refer to Notice 2012-9.
We can enable QuckBooks to track this properly. It can be tricky especially mid-year to make a conversion of this type, so please contact us for this service.