2020 is approaching very quickly. In the accounting and tax world, that is a big deal. For businesses, planning for the upcoming new year is essential and can help the bottom line. Here are some things you need to consider as the year-end approaches.
W-2s for 2019
If you process your own payroll, you will NOT need to purchase W-2 forms. The forms can be printed on plain paper. You may have received an email directly from Intuit about ordering forms, but it is not necessary to order pre-printed W-2 forms. Be sure that all four quarters of your 941 forms agree to your W-3 form, if you need assistance, please let us know.
1099s for 2019
If you print 1099s directly from QuickBooks, you will need to purchase the pre-printed IRS forms. Keep in mind; you need to prepare 1099 forms for sole proprietors and partnerships if the amount for services totals $600 or more. If you need assistance with the settings in QuickBooks (edit, preferences, tax/1099), please let us know.
W-9 Forms
It is recommended that all employers who use subcontractors have them submit a W-9 form to let you know if they are incorporated or not. You’ll want to keep these on file. Some of our clients do not issue payments to subcontractors until they receive the W-9 form.
Georgia Department of Labor UI Tax Rate
The 2020 Annual UI Tax Rate Notices are now available on the Georgia Department of Labor (GDOL) website. If you have any questions, give us a call?
QuickBooks Payroll Year-End
QuickBooks has a Payroll Year-End Center with quick links to all of your year-end payroll questions.
Here is a list of the links to the year-end centers for many of the payroll products.
- QuickBooks Online Payroll Enhanced Payroll (QBOP)
- QuickBooks Online Payroll Full Service Payroll (QBFSP)
- QuickBooks Desktop Basic, Standard, Enhanced Payroll
- QuickBooks Desktop Assisted Payroll
- Intuit Online Payroll Enhanced (IOP)
- Intuit Online Payroll Full Service (IFSP)
The information contained in the Intuit QuickBooks Payroll Year-End Center provides general information about the payroll process. It’s not intended to provide tax or legal advice. We highly recommend that you consult with a tax professional when preparing tax documents.
Ready to Schedule Your Tax Planning Meeting?
If you are a current client or a potential client and would like to schedule an appointment to discuss year-end tax planning, please call 770-856-1309 or email at josh@joshuawilsoncpa.com.
As we approach 2020, it would be a great time to get the help you need to be proactive about organizing and filing your 2019 taxes on time. Contact a full-service public accounting firm that can help you with this goal.
QuickBooks
If you have any problems, questions, or need help with QuickBooks Pro, we are Certified QuickBooks Proadvisors. We offer training, setup, and basic accounting training to assist you and your business with your accounting needs.
Joshua Wilson, CPA, PC, is a full-service public accounting firm that specializes in accounting, tax preparation, tax planning, & business development for small businesses in Monroe, GA, and the surrounding areas. Give Joshua a call today to set up a consultation at 770-856-1309 or email him at josh@joshuawilsoncpa.com.