No Fuss Accounting's Blog

Beware Latest SPAM email NOT from INTUIT !! or Quickbooks…..

February 9, 2012 by nofussacctng

There is an email going around that I wanted you to be aware of. The email claims to be from “INTUIT.com”. Which for those using quickbooks or other intuit products you may think this is legit.

Here is a sample of the email one of my clients received just this week>

________________________________________________________________________________

Dear Sir/Madam,

In order to guarantee that correct information is being sustained on our systems, as well as to be able to grant you better quality of service; INTUIT INC. has partaken in the Internal Revenue Service [IRS] Name and TIN Matching Program.

We have found out, that your name and/or Employer Identification Number, that is specified on your account is not in compliance with the data on file with the SSA.

In order for INTUIT INC. to update your account, please use the following link <http://bXXXXX.comXXXXXX> .

Best regards,
INTUIT INC.

Corporate Headquarters
2632 Marine Way
Mountain View, CA 94043

_________________________________________________________________________________

I have replaced the above actual website with xxxx’s so no one reading my blog will click the link. This link actually goes to an other site, NOT intuit.com.

Always carefully review any emails like this that comes to you. When in doubt ask a profession or call the company directly.

To read more on this scam you can to go to and here others comment on this latest scam.

http://www.scamtrends.com/your-correct-tax-information-is-essential/

Posted in Accounting Systems and Controls, Quickbooks | Tagged Accounting, Intuit, Quickbooks, quickbooks tips | Leave a Comment »

Four Facts About Bartering Via irs.gov

February 16, 2011 by nofussacctng

In today’s economy, small business owners sometimes look to the oldest form of commerce – the exchange of goods and services, or bartering. The IRS wants to remind small business owners that the fair market value of property or services received through barter is taxable income.

Bartering is the trading of one product or service for another. Usually there is no exchange of cash. However, the fair market value of the goods and services exchanged must be reported as income by both parties.

Here are four facts about bartering that the IRS wants small business owners to be aware of:

Barter Exchange A barter exchange functions primarily as the organizer of a marketplace where members buy and sell products and services among themselves. Whether this activity operates out of a physical office or is internet based, a barter exchange is generally required to issue Form 1099-B, Proceeds from Broker and Barter Exchange Transactions, annually to their clients or members and to the IRS.
Barter Income Barter dollars or trade dollars are identical to real dollars for tax reporting. If you conduct any direct barter – barter for another’s products or services – you will have to report the fair market value of the products or services you received on your tax return.
Taxes Income from bartering is taxable in the year it is performed. Bartering may result in liabilities for income tax, self-employment tax, employment tax, or excise tax. Your barter activities may result in ordinary business income, capital gains or capital losses, or you may have a nondeductible personal loss.
Reporting The rules for reporting barter transactions may vary depending on which form of bartering takes place. Generally, you report this type of business income on Form 1040, Schedule C Profit or Loss from Business, or other business returns such as Form 1065 for Partnerships, Form 1120 for Corporations, or Form 1120-S for Small Business Corporations.

For more information see the Bartering Tax Center in the Business section at http://www.irs.gov.

Posted in Accounting Systems and Controls, Bookkeeping, Business Taxes, Quickbooks, recordkeeping | 3 Comments »

Six Important Facts about Dependents and Exemptions via IRS.gov

January 11, 2011 by nofussacctng

Six Important Facts about Dependents and Exemptions

Some tax rules affect every person who may have to file a federal income tax return – these rules include dependents and exemptions. Here are six important facts the IRS wants you to know about dependents and exemptions that will help you file your 2010 tax return.

Exemptions reduce your taxable income. There are two types of exemptions: personal exemptions and exemptions for dependents. For each exemption you can deduct $3,650 on your 2010 tax return.
Your spouse is never considered your dependent. On a joint return, you may claim one exemption for yourself and one for your spouse. If you’re filing a separate return, you may claim the exemption for your spouse only if they had no gross income, are not filing a joint return, and were not the dependent of another taxpayer.
Exemptions for dependents. You generally can take an exemption for each of your dependents. A dependent is your qualifying child or qualifying relative. You must list the social security number of any dependent for whom you claim an exemption.
If someone else claims you as a dependent, you may still be required to file your own tax return. Whether you must file a return depends on several factors including the amount of your unearned, earned or gross income, your marital status, any special taxes you owe and any advance Earned Income Tax Credit payments you received.
If you are a dependent, you may not claim an exemption. If someone else – such as your parent – claims you as a dependent, you may not claim your personal exemption on your own tax return.
Some people cannot be claimed as your dependent. Generally, you may not claim a married person as a dependent if they file a joint return with their spouse. Also, to claim someone as a dependent, that person must be a U.S. citizen, U.S. resident alien, U.S. national or resident of Canada or Mexico for some part of the year. There is an exception to this rule for certain adopted children. See IRS Publication 501, Exemptions, Standard Deduction, and Filing Information for additional tests to determine who can be claimed as a dependent.

For more information on exemptions, dependents and whether you or your dependent needs to file a tax return, see IRS Publication 501. The publication is available at http://www.irs.gov/ or can be ordered by calling 800-TAX-FORM (800-829-3676). You can also use the Interactive Tax Assistant at http://www.irs.gov/ to determine who you can claim as a dependent and how much you can deduct for each exemption you claim. The ITA tool is a tax law resource on the IRS website that takes you through a series of questions and provides you with responses to tax law questions.

Publications:
IRS Publication 501, Exemptions, Standard Deduction, and Filing Information

Original posting by IRS Tax Tip 2011-07

Posted in Bookkeeping, Personal Tax | Tagged dependants, personal taxes, publication 501, tax | Leave a Comment »

QuickBooks- Invoicing Sequence Fix

November 27, 2010 by nofussacctng

I came across this issue last week with a client’s QuickBooks file. I thought I would pass along the solution I found.

My client was using a numeric numbering sequence for its invoicing. Each time they invoiced a customer the invoice number would increase by one digit. Example 850 851 852 853 ect. For one of their invoices they decided to use a alpha numeric reference for the invoice ; Example “Nov 2010″.

Once they made that change in invoice numbering, any future invoices defaulted to the alpha numeric sequence. They then would have to click back to the previous invoice to see what number they last left off on and then manually enter in the new invoice number. This became quite time consuming and frustrating for my client. Even after saving an invoice once the correct numbering was used, still resulted in the alpha numeric default showing up upon attempt to generate a new invoice.

After messing around a bit with the transactions I stumbled upon the solution.

First you need to find out the latest or highest invoice number in your sequence that you wish to continue with. One way to find out that number is to run a “Missing Check” report.

To get there you can use the menu across the top of your QuickBooks Window

Choose Reports > Banking>Missing Checks

The option window will appear asking you to

Specify which account you wish to filter.

Choose : Accounts Receivable

Once the Report screen appears:

you will then click on the “modify button

Then go to the “filter” tab

and under transaction type choose “invoice”

You will then be able to spot your highest / last number used in Invoicing.

The last step is to create a New invoice with the last number on your report.

It doesn’t matter which customer you choose as this invoice will be deleted.

Add an item or service and a dollar amount ( just something that will require being saved)

When you save this invoice you should be prompted with a “duplicate invoice error”

Click the “keep number” button.

Lastly go back and delete this new invoice you just created. (you can find it in the customer center under the customer you used for the invoice or in the invoice screen click the previous button to get to that invoice.

This will reset your numbering sequence back to where you left off.

Posted in Accounting Systems and Controls, Bookkeeping, Quickbooks, recordkeeping | 5 Comments »