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Discover the latest in IRS regulations with the introduction of The Taxpayer First Act of 2019, empowering the IRS to implement groundbreaking changes. One notable shift is the regulation of E Filing 1099 forms, now subject to a 10 threshold. To seamlessly adapt to this change, collaborate with your accounting software or leverage a reliable third-party e-filing system. Our preferred choices for client filings are tax1099.com and QuickBooks. Don’t forget to engage with your accounting department to ensure a smooth transition to e-filing 1099 forms this year. Stay ahead of the curve with these updates!

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1. **Home Office Deduction:** Explain how entrepreneurs who operate their business from home can benefit from deducting a portion of their home expenses like rent, utilities, and maintenance.

2. **Startup Costs:** Discuss the deduction opportunities for costs incurred when starting a business, such as market research, advertising, and professional fees.

3. **Business Travel Expenses:** Detail the deductions available for travel expenses related to business activities, including transportation, accommodation, meals, and entertainment while on business trips.

4. **Equipment and Supplies:** Explain how entrepreneurs can deduct the cost of equipment, supplies, and tools necessary for their business operations.

5. **Health Insurance Premiums:** Highlight the deduction possibilities for health insurance premiums paid by entrepreneurs for themselves, their spouses, and dependents.

6. **Retirement Contributions:** Discuss deductions available for contributions made to retirement plans, such as SEP-IRAs or solo 401(k)s, which can help entrepreneurs save for retirement while reducing taxable income.

7. **Education and Training:** Explain deductions related to professional development, workshops, courses, and materials that directly benefit the business.

8. **Charitable Contributions:** Explore how donations made by entrepreneurs to qualified charities can be deducted from their taxable income.

Be sure to consult with a tax professional or accountant to maximize deductions and ensure compliance with tax laws and regulations.

Intuit is making changes again with respect to reporting with QBO.

You may have noticed a new enhanced experience when running some of your reports over the past few months, with the option to switch your experience back to classic view. Over the next several months, all reports will be changing to the new enhanced experience, without the option to switch back to classic view. We know that change takes time to get used to, so this process will happen in waves over the next several months, starting with these changes in your ability to personalize your reports:

• We’re removing the “Customize” button at the top of the page. In its place, we’re adding buttons such as “Group” and “Filter” so you can get the job done, faster.
• We’ve added dozens more attributes and column headers so you can group and filter your data to better fit your business needs.
• We’ve added more ways for you to customize how your data will be displayed, so you can absorb more granular information more quickly.

If you use QuickBooks Online Advanced, you will have the above benefits in your new experience, in addition to the following:

• Create a report from scratch. Choose from hundreds of column headers, pick the data you want to see, and control how you want it displayed.
• Toggle between Table View and Chart View to better visualize your data.
• Create a pivot table and choose from dozens of attributes to efficiently generate summaries right within QuickBooks Online Advanced.

What improvements to reports have you already released?
Below are some highlights that have been launched:

For all QuickBooks Online products:

• Expand All and Collapse All
• Less white space and more efficient scanning
• Improved report personalization experience upleveling visibility of customization options

For QuickBooks Online Advanced only:

• Easily convert reports to charts and pivot tables
• More capabilities to create complex, multi-line filters

What are the key dates?
We’re migrating all the reports gradually through July 2025. Every month, we’ll update a group of reports, and some reports that are not used will also be deprecated. We’ll notify you at least 30 days before reports are removed from QuickBooks.

In addition to those changes, on December 15, 2023, we will be moving the following reports to this enhanced view:

• Check Detail Report
• Open Purchase Order List by Vendor Report
• Purchases by Class Detail Report
• Purchases by Location Detail Report
• Purchases by Product/Service Detail Report
• Purchases by Vendor Detail Report
• Transaction List by Vendor Report

“Now is the time to make a list and check it twice, but we’re not talking about Christmas.

Prepare for year-end and begin with documents the CPA is going to need in order to prepare the business tax return. If you’re not sure, send out an email. It’s typically the same list every year, but there may be things added or deleted from their master list.

Other things you can do are as follows:

Gather all information for 1099s (NEC & MISC). If you’re not sure if they get one, send that vendor an email with form W-9 which you can get off the IRS.GOV website.

If you bought new equipment this year, be sure to provide documentation for your fixed assets. Your CPA will need to calculate depreciation.

Take a hard look at your general ledger report. Does everything seem to be posted in the right account?

Below are just a few things to consider getting ready for tax time.

Year-end clean-up for a business owner involves organizing financial records and preparing essential documents for the CPA. Here’s a checklist to guide you through the process:

Year-end clean-up for a business owner involves organizing financial records and preparing essential documents for the CPA. Here’s a checklist to guide you through the process:

Financial Records Organization:

Review Financial Statements:

• Gather profit and loss statements, balance sheets, and cash flow statements for the year.
• Ensure accuracy and address any discrepancies.

Reconcile Accounts:

• Reconcile bank statements, credit card statements, and other financial accounts.
• Verify that all transactions are accurately recorded.

Categorize Expenses:

• Ensure all expenses are properly categorized for tax purposes.
• Separate personal and business expenses.

Inventory Check:

• If applicable, conduct a physical inventory count and reconcile it with recorded inventory levels.

Check Payroll Records:

• Ensure payroll records are accurate and up to date.
• Verify that all necessary payroll taxes have been paid.

Asset Depreciation:

• Review asset depreciation schedules and ensure they align with the correct tax guidelines.

QuickBooks is a popular accounting software that offers a range of features to help businesses manage their financial activities efficiently. Here are some key functionalities that QuickBooks provides for a company’s accounting needs:

1. Bookkeeping:
   QuickBooks facilitates basic bookkeeping tasks, such as recording income and expenses, tracking accounts payable and receivable, and managing bank transactions.
2. Invoicing:
   Users can create professional-looking invoices, customize them to suit their branding, and send them to clients directly from the QuickBooks platform. It also allows for easy tracking of invoice status and payment reminders.
3. Expense Tracking:
   Businesses can track and categorize expenses, making it easier to manage and monitor spending. This includes the ability to link expenses to specific projects or clients.
4. Financial Reporting:
   QuickBooks generates various financial reports, including profit and loss statements, balance sheets, and cash flow statements. These reports provide insights into the company’s financial health and performance.
5. Bank Reconciliation:
   The software helps reconcile bank transactions with the company’s records, ensuring accuracy and identifying discrepancies.
6. Payroll Management:
   QuickBooks offers payroll features that allow businesses to calculate and process employee salaries, deductions, and taxes. It can also generate payroll-related reports.
7. Inventory Management:
   For businesses that deal with physical products, QuickBooks can help track and manage inventory levels, including reordering and tracking costs.
8. Tax Preparation:
   QuickBooks simplifies tax preparation by organizing financial data and generating reports that are useful for tax filing purposes. It can also integrate with popular tax software.
9. Time Tracking:
   If your business charges clients based on hourly work, QuickBooks has time tracking features that allow you to log and bill for hours worked on specific projects.
10. Multiple User Access:
    QuickBooks offers multi-user access, allowing different team members to work on the accounts simultaneously while maintaining proper access controls.
11. Cloud-Based Accessibility:
    QuickBooks Online, the cloud-based version, allows users to access their financial data from anywhere with an internet connection. This is particularly useful for businesses with remote or distributed teams.
12. Third-Party Integrations:
    QuickBooks can integrate with various third-party applications, such as payment processors, e-commerce platforms, and CRM systems, enhancing its functionality and adaptability.
13. Budgeting:
    Users can create and monitor budgets within QuickBooks, helping to set financial goals and track progress over time.
14. Customer and Vendor Management:
    QuickBooks allows businesses to manage customer and vendor information, including contact details, transaction history, and communication logs.
15. Security and Backup:
    The software provides security features to protect sensitive financial data, and it often includes automatic backup options to prevent data loss.

QuickBooks is a comprehensive accounting solution suitable for a wide range of businesses, from small startups to larger enterprises. Its user-friendly interface and feature-rich capabilities make it a valuable tool for managing various aspects of a company’s financial activities.