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QuickBooks Online: Get ready for an awesome new sales tax experience

Intuit, QuickBooks

If you are a QuickBooks Online User, Soon, you’ll see a sleek and beautiful new sales tax center that provides powerful insights into who you’re paying and how that fits into your overall tax liabilities. Plus, you’ll enjoy all the features you have now with an option that can calculate tax rates for you.

There’s nothing you need to do right now. But keep an eye out for another email in the coming weeks with instructions on how to verify your business address and confirm your tax agencies.

In the meantime, you can follow these steps………..

How to set up your new sales tax center

Find out how to set up your sales tax center in QuickBooks Online.

If you sell taxable products or services, QuickBooks can help you calculate and track your sales tax. Then, when it’s time to file your sales taxes, you’ll have everything you need to submit your payment.

Here’s how to get started:

  • Select Taxes, then select Get started.

Step 1: Double-check your business address

For the most accurate sales tax rates and reports, make sure you’re using the right business address. We use the physical address of your business to automatically calculate your sales tax rate.

If you need to change your business address:

  1. Select Edit.
  2. Update your address, then select Save.

Step 2: Match your tax rates and agencies to the official agencies

Tax agencies are the government agencies that collect sales tax in the states, cities, and counties where you do business. You’ll need to match the rates and agency names you previously set up with the official agencies. Make sure to ask your accountant if you don’t know which agency to use.

Here’s what each column means, and how to match your tax agencies to the official agencies.

  • TAX RATE NAME: This is the name of the tax rate you created. Even if it’s the same name as the official agency, you’ll still need to connect it before you can use a tax rate on a transaction.
  • RATE: This is the tax rate percentage you assigned to the agency.
  • YOUR AGENCY NAME: This was created when you assigned the tax rate under tax rate name.
  • OFFICIAL AGENCY NAME: These are the official agencies available in the tax center. You can assign sales tax rates for state, city, and county agencies.

To match tax rates with their official agencies:

  1. From the Select an agency ▼ dropdown, match your tax rate name to the official agency name.
  2. Select Next.
  3. Review your tax rates. If everything’s right, select Next then View sales tax center.

What happens to existing data after updating your tax center?

If you’re looking for your past sales tax data, you can find it in the history section of your sales tax settings.

QuickBooks Online Accountant Trial Balance feature is being discontinued and effective on May 31, 2019

Notice of discontinuation of QuickBooks Online Accountant old Trial Balance feature.

Intuit’s QuickBooks Online Accountant Trial Balance feature is being discontinued and effective on May 31, 2019, the files or content entered by you and stored in the Trial Balance feature will no longer be available for access. Please access your account prior to this date to download and back up your files.

To access and download the files, please follow the steps below:

Log into your client’s QuickBooks Online account: [Read more…]

Tips for Getting Unclaimed 2014 Tax Refunds

egggsact-tax-irs

 

Tips for Getting Unclaimed 2014 Tax Refunds 

The IRS reminds taxpayers they may have money waiting for them. About 1 million taxpayers who did not file a 2014 federal income tax return have unclaimed tax refunds totaling about $1.1 billion. Here are some things taxpayers should know about these unclaimed refunds:

 

  • To collect the money, taxpayers must file their 2014 tax return with the IRS no later than this year’s tax deadline, Tuesday, April 17.
  • The IRS estimates that half of the refunds are more than $847.
  • When a taxpayer who is getting a refund does not file a return, the law gives them three years to claim that tax refund. If the taxpayer does not file a tax return within three years, the money goes back to the U.S. Treasury. For 2014 tax returns, the three-year window closes April 17, 2018.
  • The law requires taxpayers to properly address and mail the tax return to the IRS. It must be postmarked by the April deadline.
  • The IRS may hold the 2014 refunds of taxpayers who have not filed tax returns for 2015 and 2016.
  • The unclaimed money will be applied to any amounts still owed to the IRS or a state tax agency. The money may also be used to offset unpaid child support or past due federal debts, such as student loans.
  • By failing to file a tax return, people stand to lose more than just their tax refund. Many low- and moderate-income workers may be eligible for the earned income tax credit. For 2014, the credit was worth as much as $6,143.
  • Current and prior year tax forms are available on the IRS.gov Forms, Instructions and Publications page or by calling toll-free 800-TAX-FORM. This includes forms 1040, 1040A and 1040EZ for 2014.
  • Taxpayers who are missing forms W-2, 1098, 1099 or 5498 for the years 2014, 2015 or 2016 should request copies from their employer, bank or other payer. Taxpayers who are unable to get missing forms can order a free wage and income transcript at IRS.gov using the Get Transcript Online tool. Taxpayers can use the information on the transcript to file their tax return.

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