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What Are Opportunity Zones? Opportunity Zones can deliver significant tax savings on medium- to long-term investments in economically disadvantaged communities. This new tax incentive pertains to both the capital gains invested initially through a qualified opportunity fund, as well as capital gains earned for the investor from businesses or projects in a zone.

5 Facts About the Opportunity Zone Tax [PLUS] How to Qualify

Providing tax benefits to investors who invest eligible capital into distressed communities throughout the U.S. and its possessions, Qualified Opportunity Zones (QOZs) were created under the Tax Cuts and Jobs Act of 2017 to spur economic development and job creation. If you’re considering investing in a QOZ, read on to learn the facts you need to know about this tax incentive.

Why am I Having QuickBooks Performance Issues? [SOLVED]

Is Using the Same QuickBooks Data File for Long Time Causing My Performance Issues?

There’s more than one approach to how long you use the same QuickBooks company file. You can create a new file each fiscal year, or whenever you upgrade QuickBooks Desktop. Other users prefer using the same file as long as possible. Which approach works best depends on your preferences, and the way your business uses QuickBooks. While entering a lower volume of transactions into QuickBooks helps you use the same file longer, there are possible situations where you need a new QuickBooks data file.

tax information for tax year 2019 has been updated

Tax Season 2019 Filing Begins

January 28, 2019, marked the start of this year’s tax filing season, and it’s the first time taxpayers will be filing under the new tax reform laws, most of which became effective in 2018. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return, as well as the partial shutdown of the federal government. With more than 150 million individual tax returns expected to be filed for the 2018 tax year, here’s what individual taxpayers can expect:

tax information for tax year 2019 has been updated

7 Common Small Business Tax Myths

The complexity of the tax code generates a lot of folklore and misinformation that could lead to costly mistakes such as penalties for failing to file on time or, on the flip side, not taking advantage of deductions you are legally entitled to take and giving the IRS more money than you need to. With this in mind, let’s take a look at seven common small business tax myths.

new york sales tax vendor definition update

New York Sales Tax Vendor Definition Update Effective IMMEDIATELY!

From our friends at Avalara: The New York State Department of Taxation and Finance announced that due to the South Dakota v. Wayfair Supreme Court ruling last year, an existing provision in New York Sales Tax Law defining a sales tax vendor became immediately effective. Any business within this definition making taxable sales into the state is required to be registered as a New York State vendor and to collect & remit sales tax. This can impact your clients and they should know.

These days, some of us find ourselves updating multiple calendars. There's the Outlook calendar or other web-based solution for scheduling and task management. Or, maybe a smartphone app to track a "to-do" on the road with a paper calendar as backup. But where do you keep track of your everyday financial tasks? Including these in your scheduling calendars and/or task lists will make for very crowded screens, not to mention how inconvenient it can be to keep switching between applications. Consider adding one more tracking tool: the QuickBooks Calendar.

QuickBooks Calendar – How It Helps Your Business

These days, some of us find ourselves updating multiple calendars. There’s the Outlook calendar or other web-based solution for scheduling and task management. Or, maybe a smartphone app to track a “to-do” on the road with a paper calendar as backup. But where do you keep track of your everyday financial tasks? Including these in your scheduling calendars and/or task lists will make for very crowded screens, not to mention how inconvenient it can be to keep switching between applications. Consider adding one more tracking tool: the QuickBooks Calendar.

data-migration-quickbooks-sage-conversion-tool-featured-image

Data Migration & Data Conversion – What You Need to Know

Obvious reasons to undergo a data migration or data conversion include change in costs for your accounting software; adopting new software solutions due to business expansion; trimming the size of historic financial data; to clean up issues with data integrity; and so on. Part of the concern is retention of historic company data – if deemed necessary to do so.

banking reconciliations in quickbooks desktop can be undone, as long as it finds previous reconciles having been completed. If not, then it will flag there weren't any previous reconciliations to be found. As always make a backup of your quickbooks company file before doing any reconciliation or unreconciliation.

How to undo a previous reconcile in QuickBooks Desktop (unreconcile)

Sometimes you’ll find that your balance in QuickBooks does not match your bank statement after a monthly reconciliation (you are doing your reconciliations monthly, right?) and that you need to undo your previous reconciliation to get to the bottom of things. Prior to undoing a reconcile, we recommend a backup AND printing out your previous reconciliation reports, just in case you need them for historical data. To print these reports, we want to open Banking>Reconcile>locate discrepancies>previous reports. We suggest printing out the detailed and the summary, as you might need both.

Part of locating missing transactions in QuickBooks is using reports in QuickBooks, mainly the audit trail - which shows the actions taken against transactions

OUT OF THE BOX TECHNOLOGY becomes an Elite Intuit QSP

The Intuit QuickBooks Solution Provider (QSP) program includes only the top business professionals, qualified in meeting their customers’ diverse needs. The program tiers providers into Member, Advanced, Strategic, Executive, and Elite levels – with Elite being the highest tier. Membership evaluation is based on capability requirements, along with achieving product and service goals.

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