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Intuit Announces QuickBooks Online Basic
Intuit just released a version of QuickBooks Online that will cost only $9.95/per month. Business owners purchasing QuickBooks Online will have two plans to choose from: QuickBooks Online Basic and QuickBooks Online Plus. Details of the two plans follows:
Small Business Tax Calendar for March 2008
A list of upcoming dates and actions that accountants, bookkeepers and small business owners should be aware of follows:
IRS Likely to Loosen the Rules on Employer Provided Cell Phones
Congress is pressuring the IRS to ease the rules which currently require employees to keep detailed records of the business usage of their cell phones. In brief:
QuickBooks Tutorial: Using Classes
QuickBooks classes enable you to classify all income and expense transactions. You can do so by department, location, type of business, partner or associate, or anything else that is useful and meaningful to you. You can then run reports in which you break your business down into the classes you have created.
Some Farmers and Fishermen Get an Extra Week to File 2007 Returns
Farmers and fishermen who file Form 1040 returns electronically with Form 4136 (Credit for Federal Tax Paid on Fuels) have to wait until March 3rd to e-file Form 4136, which has been revised to reflect changes related to the Leaking Underground Storage Tank tax (part of the Tax Technical Corrections Act of 2007, which was enacted December 29, 2007).
IRS Cautions Taxpayers to be Aware of Email and Telephone Scams
The IRS has warned taxpayers about several scams, the goal of which is generally to trick people into giving away personal and financial information, including social security numbers, bank account numbers and credit card numbers. The scammers then use these numbers to commit identity theft, incuding applying for new loans or credit cards, running up charges on existing credit cards and emptying victim's bank accounts. As it can take years to straighten things out after one's identity has been stolen, accountants should consider informing their clients of some of the common scams that the IRS is aware of:
2008 Economic Stimulus Package Benefits Business as Well as Individuals
The 2008 Economic Stimulus Act, noted mostly for the stimulus payments it provides to individuals (see Bush Signs Economic Stimulus Package; Most People Will Receive Tax Rebates), provides two important incentives to businesses:
QuickBooks Tip: Speed Up QuickBooks
If you find that it often takes a long time to load and open your QuickBooks company file, then consider the following tips aimed at optimizing QuickBooks performance:
Debt Forgiven in 2007 Might Not Count as Taxable Income
The Mortgage Forgiveness Debt Relief Act of 2007, signed into law by president Bush on December 20, 2007, enables homeowners to refinance their mortgages without paying taxes on debt forgiven in the process. Information about this Act follows:
Bush Signs Economic Stimulus Package; Most People Will Receive Tax Rebates
President Bush signed the economic stimulus package into law today, meaning about 130 million Americans will receive tax rebates. Information about the rebates follows:
