This just in from INTUIT!
The IRS issued new reporting regulations for tax year 2011 1099-MISC form. These regulations will exclude some forms of payments from the 1099-MISC form; instead, the payments will be reported on the new third party form 1099-K.
If you have made payments to vendors in tax year 2011 using cash or checks, this does NOT apply to you. If, however, you used other forms of payment (credit/debit cards, gift cards and third-party payment services like PayPal), you will only need to report certain types of transactions and exclude others.
Intuit® is aware of these compliance changes and has updated the 1099 Wizard in QuickBooks® for Windows 2012 and QuickBooks for Mac 2012 to include payment exclusion features to comply with the 1099-MISC regulation changes. In addition, Intuit has developed other solutions for customers on prior year, supported versions of QuickBooks. This includes the availability of the QuickBooks 1099 Assistant, a downloadable application designed specifically for QuickBooks 2009-2011 Windows and QuickBooks 2010 – 2011 Mac customers. You can get the QuickBooks 1099 Assistant for Windows here and for Mac here. We offer several resources:
- Visit the support page on Intuit® Payroll for additional information on the new IRS 1099-MISC regulations
- Download R5 for QuickBooks 2012 to take advantage of the new 1099 Wizard. For QuickBooks for Mac 2012, customers must accept the latest release (R5). Go to your QuickBooks menu and check for updates.
- For other versions of QuickBooks for Mac, please visit Little Square for more information.
- Watch a video to learn about two options for complying using QuickBooks for Windows.
As always, if you need additional help with implementing these changes for your business, don’t hesitate to give us a call 760-722-6839 or email: info@advantedgeonline.com
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