Monday, July 15, 2024
At J&S Accounting, we prioritize keeping you informed about the latest updates affecting your business operations. Recently, QuickBooks announced significant changes to its payroll tax withdrawal process. As your trusted accounting partner, we're here to break down these changes and guide you through what they mean for your business.
QuickBooks is adjusting how it handles payroll taxes for customers who have chosen to have their taxes automatically paid and filed. Previously, QuickBooks would withdraw these taxes when they were due. Now, QuickBooks will withdraw the necessary funds every time payroll is processed, or there's a change in your payroll tax liabilities.
Additionally, on the date you receive this change, you will receive a one-time withdrawal for federal unemployment (FUTA) taxes. QuickBooks is revising the Payroll Section of its Terms of Service to reflect these updates.
Continue Using Automated Taxes:
Stop Using Automated Taxes:
Not Currently Using Automated Taxes:
For clients with employees in the specified 11 states:
We understand that changes in payroll tax processes can be challenging. However, these updates are designed with your convenience in mind, aiming to simplify your payroll management and ensure compliance with tax obligations. If you have any questions or need further clarification, please don't hesitate to contact us at J&S Accounting. We're here to support you every step of the way.
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This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business from a professional accountant. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. J&S Accounting does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. J&S Accounting does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.
This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business from a professional accountant. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. J&S Accounting does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. J&S Accounting does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.