Looking ahead...

I am passing along this bit of general information, because I believe it may be helpful to know in advance.

Beginning next year, the IRS will compare your firm's reported annual gross receipts to a separate report from your credit-card processor reporting your firm's total annual credit-card transactions.

Also, another law was passed requiring that starting in 2013, you must file 1099s for payments made to corporations in excess of $600.

The IRS will not need 1099s for payments to corporations over $600 made by credit card, however, because of the new credit card transaction reports.

I don't expect the credit card transaction reporting will be an issue requiring any considerations, but the 1099 changes will require a few changes... we have a couple of years, so will keep you advised in the future. In the meantime, I believe it is good practice to require W9's from all 1099 payees, whatever their entity type.


Now, I am going to take this opportunity to highly recommend The American Institute of Professional Bookkeepers (AIPB) to all fellow bookkeepers. The information shared here today is just a very small example of what you might find in their monthly newsletter, which in turn is just a very small example of the benefits that membership provides. I would go on, but will end with saying I value my membership very highly, and recommend you visit www.aipb.org and check it out for yourself.

In the words of F Gump, That's all I have to say about that.

Repost...

As a second post, I am cheating a little. I had written this for my website about QuickBooks 2010 release, and thought it would be nice to have it preserved in my blog for future reference. So, slightly altered, here it is:

Also new is QuickBooks 2010 version. As always, Intuit has included some pretty neat features, some of which I am still discovering. A few that fall into my 'that is really neat' category are:

• An option to have your signature print on your checks as you print them. I really like this one. You can choose whether or not to include it each time you print checks, and I have found it very convenient. I have been using it mostly for 'routine' payments, such as checks for utilities, rents, and have continued to hand-sign any checks for large amounts or one-time payees. I advise a bit of caution and controls if you use this feature.
• I don't know about you, but designing forms has always been sort of a drag for me. Well, that particular chore has been made much simpler. You can now choose a 'style', and not only apply it to, let's say, your invoice, but you can also apply it to any other forms you choose, giving you a coordinated set of forms. When you set it up, you also choose a font, and all of the form is consistent. I have really been pleased so far with this feature, and my invoices no longer have that QuickBooks standard look.
• This version includes Document Management, that will allow you to scan a document, and 'attach' it to certain items in QuickBooks. For example, you could scan in a Bill, and attach it to the Bill you entered in QuickBooks, so you could review it before paying the bill. Or, scan in a contract and attach it to the vendor, so you could review it when reviewing transactions or billings. The jury is still out on this one. I think it is has great potential, and am trying it on a limited basis, but am not sure I like the fact that the document is uploaded to their storage, and that a limited amount of storage is included free, with additional space available for a fee.

One falls into the 'Really Great' category - Lists. Some lists can now be worked with in a spreadsheet mode. I don't know if you have ever had to change a particular piece of information that is contained in each and every item in a particular list, but I can attest to the fact that it can be mind and finger numbing, not to mention time-consuming. Now, using the new feature, if you had to change, let's say the area code field for every single vendor from 407 to 321, you can accomplish it in a few key strokes and minutes. This one is the 'prize' in this year's crackerjack box for me. Thank you Intuit.

So, that is all for new. If you have suggestions for improvements to this website you would like to see, please go to contacts and email me from there. Bye for now, and thank you for visiting.

So, that was it. I will be following up in the next couple of days with a 'fresh' post.

A new beginning...

A new beginning...

Welcome to what I hope you will find to be a source of helpful, timely information and tips for business owners and bookkeepers alike. I plan to post as often as what I consider useful, interesting, or sometimes fun information comes to my attention, especially with regards to QuickBooks, IRS, Florida, Bookkeeping, etc.

This is my first experience with blogging, so I invite your feedback on content. Also, please feel free to add comments on topics of which you may have additional knowledge to share.

So, first post is complete. I do love new beginnings.