It's Tax-time Thursday and that means a short little feature regarding some aspect of Intuit, QuickBooks or ProConnect Tax filing for the upcoming tax season.
1099 QuickBooks E-filing
Preparing, filing, and correcting 1099s is now easier than ever in QuickBooks Online. New workflow, new reporting, free e-file of corrections and E-file payment flexibility and will be available for the 2023 filing period.
New workflow
Based on user feedback, QuickBooks has modified the workflow to all users to save time when preparing 1099s. Now the process involves in just three short steps:
- Answer simple questions,
- Review your forms,
- E-file your forms.
For an overview of the new workflow check out this official QuickBooks video.
Enhanced reporting
Get better insight with two new reports (listed below) into which transactions should (and shouldn't) be included on your 1099 forms. You can also still access the previous reports in the 1099 report list.
Source: Intuit QuickBooks media source content.
- New Report: 'Accounts used to pay vendors'
- New Report: 'Transactions & accounts organized by vendors' (shown above)
Both of these reports have additional columns to reflect payment method, (check, credit card, etc.) and payment account (bank, credit card) type.
Free E-filing corrections
Now, you can e-file corrections directly from QuickBooks Online without any added cost. (Shown in the filing status report below.) This allows you to conform to the new IRS regulation requiring that all 1099 corrections be filed in the exact same way as the original.
Source: Intuit QuickBooks media source content.
E-filing payment flexibility
When preparing 1099 filings, either the business owner or an accountant can choose to add a new payment method used only for their 1099 e-filing(s). This new payment method won't have any impact on the payment method for any other QuickBooks Online products.
Disclosures
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