I haven't had time to post, although there has been a need with all of the out-of-the-ordinary things happening, but am going to try to catch up a little now.
I have been monitoring the situation, but please let me know if you receive a request to complete an application for forgiveness and need help. QuickBooks and Gusto both are providing special reports for this purpose, and I am deferring to your accountant when appropriate.
Familys First Coronavirus Act:
Under this act, Employers pay Employees for Covid-related time off and deduct the cost from their 941 payroll tax payments. There will be a link (see Tools and Links) with detailed information on this, but please be aware of the requirement to pay employees in certain circumstances and know that it needs to be recorded in a specific way.
Payroll Tax Deferral (Employee SS):
This is the latest via executive order that went into effect September 1st. Under this order, social security deductions from (most) employees pay are to be deferred until December 31, 2020, and then repaid by the employee between Jan 1 and April 30, 2021.
However, payroll providers have requested clarification as there are many unanswered questions so it hasn't yet gone into effect in QuickBooks or Gusto payroll pending more information. Stand-by on this one. In my humble opinion, it will cause many many headaches in implementation, reporting, and re-collection from employees.
So, it's not all doom-and-gloom. Lots of things going on with Intuit!
Payroll -- changes that were planned to go into effect months ago were post-poned due to the pandemic. You may be receiving some notices about the changes -- I believe by October 1st. Please contact me if you have any questions. The payroll options are all changing (for the better I think), so please feel free to get in touch to discuss what plan is best for you or to ask any questions you may have.
QuickBooks Labs has some interesting new things!
- QuickBooks Themes (dark theme) -- I really like this one, as it is easier on my eyes. It is a little bit quirky at the moment, but feel free to give it a try -- you can always switch back if you don't like it.
- Tags -- this could be a very useful feature. There is a very short video to watch to see if it is something you would like to try.
- Cashflow Dashboard Widget -- for those who like a picture of your inflow/outflow of cash.
- Community Reports -- tap into customized shared reports to save time setting up commonly used reports that aren't 'standard'.
- If you try any of the features in labs, please be sure to leave feedback! Especially if it is something you really would like to see made permanently available. Labs is just that -- features being tested to see if they should become an added feature in QuickBooks!
I would like to thank you all for being so patient with my current work schedule. I think we are all managing the best we can under the circumstances, and I truly appreciate your understanding and flexibility.