The IRS and QuickBooks
According to the California CPA, November, 2010 publication, “The IRS recently purchased more than 1,000 copies of QuickBooks 2010 and intends to train more than 1,000 revenue agents and specialty tax revenue agents on obtaining from taxpayers full backups for business taxpayers’ QuickBooks files in connection with certain in-person field audits. The IRS has apparently started this program because many taxpayers do not maintain complete—or sometimes any—hard copy records.”
“In future years, the CPA should inform clients of the IRS’ strategy with respect to QuickBooks and suggest that clients would be well-advised to work more closely with the CPA to ensure the contemporaneous accuracy and completeness of the books and records”
Following up on this new program, we strongly recommend that following the end of the year, we review a back up of your QuickBooks file, making adjustments to all Balance Sheet accounts, and clean-up your file prior to closing the year.
Form 1099 Re-do
IRS Code Sec. 6031 requires Form 1099 information returns to be filed by every person engaged in a trade or business who makes payments aggregating $600 or more in any taxable year to a single payee in the course of that payor’s trade or business.
The coming changes will include increased penalties for late filings and new filing requirements.
QuickBooks in Spanish
We are pleased to welcome Alejandra Lizarraga to our team. Alex graduated from USD with a degree in accounting. Being fluent in Spanish, she is reaching out to Latino businesses and will begin to do QuickBooks trainings in Spanish.
Our first QuickBooks training class was held in November, and we will continue to offer training classes and individual trainings in Spanish.
Please check out The Business Wizards on Facebook, LinkedIn and Twitter. We will keep these social networks updated with information, upcoming seminars, etc.
YouTube….check out the weekly “Wizards Words”, and feel free to call or e-mail us with your questions that we can answer on YouTube.
You should upgrade your QuickBooks every 2 years.
Back ups should be done weekly and one copy should be rotated off site as a safeguard in case of theft or fire .