QuickBooks payroll is a great software for managing the payroll activities of business. However, at times user might perform some payroll and bookkeeping mistakes that can end up in hindering the smooth working process. This can be possible if the user is using the vendor payments as payroll before receiving for w-9. In case you don’t, then IRS would probably penalize you with some serious fines. In this post, we are going to share the common payroll and bookkeeping mistakes. To learn further, make sure to read this post till the end. Or you can also consult our tech team at toll-free QuickBooks online support number i.e. +1-844-405-0907 and we will provide you with instant support and assistance.
1. When you fail to issue form 1099 correctly- Failing to issue form 1099 appropriately may lead to certain penalties.
2. Including improper Fringe benefit value- At times it can be complicated to analyze the fringe benefit value appropriately leading to certain consequences.
3. Not including fair market value of prizes, gift cards, and awards in the employee income totals Majority of the awards are not considered as a taxable fringe benefit and also the gift cards should be included in taxable wages.
4. Classifying employees as independent contractors- It is important to correctly classify the employees, as the case can be different in each employee.
5.Eliminating travel and commuting from employee income- Another mistake that is generally made by the entrepreneurs is to eliminate travel and commuting from employee income, which may not be true in certain cases.
6. Doing it all alone- This may end up in costly errors, as expert guidance is required in these cases.
7. Not including Reimbursements for Expenses from Re-Portable Wages- The actual exclusion depends upon an accountable plan where operating cost are reimbursed.
8. Thinking your way through the task- This mistake of entrepreneurs may lead to serious concerns.
9. Not depositing withheld taxes on time- This mistake can lead to late fee deposits and also other interest charges.
10. Ignoring backup withholding for vendor payments- This kind of ignorance may lead to costly affairs.
11. Not including executive income in non-qualified deferred compensation- It should be noted that only certain oversights are eligible.
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We hope that this post might help you to find out hidden mistakes that one might commit unknowingly. However, if you have any queries or if you need our assistance at any point in time, then in that case contacting our tech support team at toll-free QuickBooks online support number i.e. +1-844-405-0907 and we will provide you with instant support services. We are a team of certified QuickBooks professionals who work round the clock in providing immediate support and assistance.
