Blogs

Are Frequent Flier Miles Taxable?

Submitted by Mary on January 25, 2012

Here is a link to an article from the Los Angeles Times. Apparently, Citibank has decided that frequent flier miles earned on credit cards are taxable income. They calculated the income to be 2.5 cents per miles and sent out 1099s to anyone who crossed over the $600.00 annual threshold. Will you credit card follow suit?

Chick HERE to read the article.

Twin Cities Quickbooks MIsys Users Group Meeting is Scheduled for February 7, 2012

Submitted by Mary on January 17, 2012

The next Twin Cities QB/MISys users group is scheduled for February 7th at 9am. The Holmberg company is hosting the meeting. Click HERE for more details.

1099 Reporting Guidelines

Submitted by Mary on January 10, 2012

Now is the time to review the 1099 requirements to see if you are reporting all subject payments.  In general, 1099s are due to independent contractors who perform services and for rent expense.  Attached is the 1099 instrustions.  Take a minute to make sure that you are reporting all the required payments.  Please note this year, that payments made via credit card and debit card will be reported by the merchant.

Yes, You Really Owe 21.00 per employee in FUTA tax for 2011

Submitted by Mary on January 09, 2012

Today is the first day that employers can file 2011 payroll tax forms. The first thing that I did today was to file all of the Mobile CFO payroll tax returns. Everything went well except for the federal form 940. It said that I owed 21.00. QuickBooks never mentioned a 21.00 liability or I would have paid it right away.

Turns out the federal government imposed the tax on employers in 19 states (CA and MN included). These 19 states had outstanding unemployment loans to the feds, so the feds have decided to get the funds back from us. Go ahead and create a manual check for the tax, mail the form in and hope that QB incorporates the changes in the 2012 return. 

Customize Your Program Buttons in QuickBooks Point of Sale

Submitted by Mary on January 06, 2012

Ever want to customize the home screen in version 10? Simply Right-click the side bar and choose the buttons that you want to use!

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