QuickBooks Guy

09/14/2021

The new QuickBooks Desktop Plus and Enterprise subscriptions are scheduled to be released to businesses on October 12, 2021.

Pro Plus and Premier Plus subscriptions
QuickBooks Desktop for Windows is updating its product lineup. With Intuit's 2022 launch, they will now only be selling the Pro and Premier products as Pro Plus and Premier Plus subscriptions in place of one-time purchase licenses. In making this transition to subscription only, they will commit to focusing investment to deliver greater value and more impactful features for you they say.

This transition will also encourage customers to be on the most recent versions. To facilitate this transition, sales of QuickBooks Desktop 2021, one-time purchase versions, will be extended until December 10, 2021.

The 2022 subscription versions will offer customers additional benefits, including:

~Access to the latest version, with the most up-to-date features, security patches, and support for 3rd party operating system changes.
~Up to 38% faster, more reliable QuickBooks computing power (64-bit).
~Unlimited customer support and data recovery at no additional charge (a $299.99 annual value).
~Premium time saving and money management features.
~Increased productivity with the QuickBooks Desktop mobile app.

Please note that clients on older 32-bit computers will not be able to use the 2022 version, which requires a 64-bit compatible Windows operating system.

New: Mac Plus subscription
For 2022, Intuit is introducing QuickBooks Desktop Mac Plus, an annual subscription-based license for small businesses. Intuit will now be selling Mac product subscription in place of one-time purchase licenses.

The 2022 subscription version will offer additional benefits, including:

~Access to the latest version, with the most up-to-date features, security patches, and support for 3rd party operating system changes.
~Unlimited customer support and data recovery at no additional charge (a $299.99 annual value).
~Premium subscription features, like automatically creating and categorizing receipt expense transactions.

Intuit's transition to a subscription-forward lineup will occur at the time of it's 2022 product release - scheduled for October 12, 2021.

08/31/2021

Here is a great way to Bulk Export, Delete & Import Transactions into QuickBooks Desktop from Excel, CSV, IIF & Text Files.

Best software to import, export, and delete transactions in QuickBooks Desktop from Excel, CSV, or IIF files. Ultimate Automation Solution for QuickBooks Desktop.

12/29/2020

Extension of Employee Retention Tax Credit (ERTC)

The CARES Act allows eligible employers to claim a federal tax credit with respect to qualified wages paid between March 13 and December 31, 2020. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the “Act”) extends the ERTC to cover wages paid through June 30, 2021. In addition, as of January 1, the Act increases the credit rate from 50% to 70% of qualified wages, increases the per employee wage cap from $10,000 in the aggregate to $10,000 per calendar quarter, decreases the required decline in gross receipts from 50% to 20%, and increases the threshold for treatment as a large employer from 100 employees to 500 employees. Retroactive to March 13, the Act provides that employers who receive PPP loans may still be eligible for the ERTC to the extent qualified wages are not paid using forgiven PPP loan proceeds, and it clarifies that group health plan expenses may be considered qualified wages even if no other wages are paid to the applicable employee.

12/29/2020

Extension of Paid Leave Credits Under the Families First Coronavirus Response Act (FFCRA)

The FFCRA required employers with fewer than 500 employees to provide mandatory paid sick and paid family leave for certain reasons related to COVID-19. It provided a corresponding tax credit for any amounts paid to employees for the required paid leave. The COVID-related Tax Relief Act of 2020 (CTRA) extends the tax credit portion of the FFCRA for employers that voluntarily offer paid sick or paid family leave through March 31, 2021. The mandatory leave portion will terminate as expected on December 31, 2020.

12/29/2020

Second Draw PPP Loans

Second PPP loans are available to businesses that received a PPP loan previously and that meet special requirements, including:

Second-time borrowers must have 300 or fewer employees. The rules of the program may limit participation if your organization has related entities, or if you are in certain industries. Check the Small Business Administration’s PPP website (https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program) or speak to your trusted legal or accounting advisor for more information.
To be eligible for a second PPP loan, businesses will need to demonstrate a reduction in revenue of at least 25% between corresponding quarters in 2020 and 2019. Special rules apply to businesses that were not in operation for all or part of 2019.
The maximum amount for second draw PPP loans is $2 million.
Borrowers must have fully spent the loan proceeds from their first PPP loan before their second PPP loan is disbursed.
As a reminder, PPP loans are designed to be 100% forgivable as long as the proceeds are spent in accordance with program rules.

An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

12/29/2020

Paycheck Protection Program Reopened

The Paycheck Protection Program is reopened with over $284B in funds available for new loans. For new borrowers, as well as borrowers who have already received a loan and not yet applied for forgiveness, the law expands eligible non-payroll costs to include certain covered operations expenditures, property damage costs, supplier costs and worker protection expenditures. Non-payroll costs remain limited to less than 40% of the loan amount. Additionally, for all borrowers who have not yet applied for forgiveness, the safe harbor deadline to restore wage and employment levels is extended from December 31, 2020, to September 30, 2021.

12/23/2020

As expected, the second round of PPP funds has been announced. The bill includes $284 billion for a second round of forgivable loans, with simplified loan forgiveness for those borrowing $150,000 or less.

This is what we know: (below information is preliminary and subject to change prior to Congress finalizing and passing additional legislation.)

• The PPP loan program is likely to be reopened with additional funding. While many of the provisions from the prior PPP loan program will carry over, others will likely change.

• Businesses that have not previously received a PPP loan may be able to apply for a loan if they have 500 or fewer employees.

• Businesses that already took out a PPP loan may be able to apply for a second PPP loan, but only if they have 300 or fewer employees and meet other eligibility criteria. For example, businesses applying for a second PPP loan may need to demonstrate 30% reduction in revenue from 2019 to 2020.

• The maximum amount available to a business may be decreased to $2million versus the prior cap of $10million.ADP will continue to closely monitor federal legislation and guidance affecting PPP loans and share updated guidelines when available

11/20/2020

Understand the flows of cash:
• Fact: A growing business is always short of cash
• Fact: A declining business usually starts its decline with a spurt of cash
• Fact: A business will have its most cash ever when it liquidates
• Fact: It is easier to obtain loans when you don’t need the money than when you do
• Fact: Most businesses do not apply for a loan until they need the money
• Fact: Profits don’t mean anything if they are not represented by cash
• Fact: Cash has to be managed

11/17/2020

Who Must File 1099-NEC in 2020?

If your business paid a contractor more than $600 in a tax year, you're required to file Form 1099-NEC. However, if the independent contractor is registered as a C corporation or S corporation, a 1099-NEC will not be required. This information can be found on the contractor's Form W-9.

11/05/2020

Are you starting a business due to the current economic situation?

If you purchased QuickBooks for your organization but don’t know where to start, then you’ve come to the right place. Installing the software is one thing but effectively utilizing it so that it truly benefits your organization is quite another thing.

The QuickBooks Guy can help you get off on the right foot with any product from the QuickBooks software line. South Florida’s Elite Certified Intuit adviser for the last 14 years, working remotely from Lake Worth.

SELECTION

We’ll help you select the correct version of QuickBooks software based on your needs.

INSTALL

We will install QuickBooks at your location or set up QuickBooks via remote internet access.

SETUP

We will perform an initial set up of your company file to include Chart of Accounts, inventory, customers, vendors, sales tax, banking, payroll, and more – in your office if needed.

DATA IMPORT

We will perform an initial data import from your old software or other files. Not sure what needs to be imported? We can help with that, too.

CUSTOMIZE

Your organization is unique, and your accounting software should be unique, too. We’ll customize and configure forms and reports according to your needs.

INTEGRATION

We can set up integration for online banking, data, payroll and merchant accounts if applicable.

TRAINING

If you feel you are in need of additional help, we can develop customized training sessions just for you – in your office.

SUPPORT

We can provide troubleshooting support so that you can become comfortable and proficient with QuickBooks software.

INDUSTRIES SUPPORTED

Retail, Wholesale, Manufacturing, Real Estate Investing, Services, Professional, Medical, Not For Profit, Personal Finances.

With many satisfied clients in South Florida and nationwide, and years of experience, you are my next happy client, so call me now. 561-252-0136
My Web Site: http://www.the-quickbooks-guy.com

10/15/2020

Forgiveness Reduction Waived for Loans of $50,000 or Less- In accordance with the October 8 Interim Final Rule (IFR), qualifying PPP borrowers will not need to document compliance with the targeted FTE and wage level maintenance requirements. Loan forgiveness amounts will not be reduced, even if FTE or wage levels decreased during or after the covered period, as long as the loan was $50,000 or less, and the borrower, when combined with any affiliates, collectively received less than $2 million.