Intuit announced that there are changes coming to QuickBooks Online®.
What are some of those changes?
Payroll:
- Effective Oct 2024 Intuit payroll now deducts the amounts of your payroll taxes with each payroll processing vs waiting until month or quarter end if you are set up for their automated tax withdrawals and are in one of the following 11 states: AZ, CA, FL, GA, IL, KS, NC, NV, TX and VA.
- As of January 2025, this change will take place for all customers using automated tax services in their QBO file.
- This doesn’t impact you if you are currently remitting your own tax withholdings.
- You can change this in the Payroll Settings if you do not wish to continue this service.
- For more information, check out this info
- As well, effective January 2025, for tax season 2024, Intuit will no longer be printing and mailing your W2 tax forms as part of your payroll subscription. There will be an extra fee of $4 per employee.
- You can continue to print and mail them yourselves or you can change the Payroll Settings and ask your employees to consent to paperless W2s in QuickBooks Workforce.
- NOTE** If you have QBO Payroll set up to automatically pay and file taxes, Intuit will handle your W2s by default and automatically charge you the $4/per employee to print and mail if you don’t indicate differently before year end.
1099s:
- Starting January 2025 for tax season 2024, printing and mailing of 1099 tax forms is no longer included in the fee. You will be charged $4 per form to print and mail. How can you save that fee? E-filing is still included so ensure you have your emails for your contractors and vendors in your QBO file! In addition, you can choose to print and mail them yourselves!
- This impacts both 1099 NEC and 1099 MISC forms.
- You will have the option as to whether you want to E-file or you want to print and mail.
- You can look at your settings/subscription and billing for more information or to change your preferences!
Now is the perfect time for you to review your Payroll and 1099 needs as we enter 4Q. Are you needing make changes? Convert to a new system? Want to discuss your specific needs? Don’t hesitate to reach out to us here ! We help clients throughout the US and beyond! All services are provided remotely.