New 1099 reporting requirements

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  • veritas
    Senior Member
    • Dec 2005
    • 3290
    #1

    New 1099 reporting requirements

    Have you estimated the number of 1099s the average small business will need to file?

    I am thinking that our firm alone will need to prepare somewhere around three to five THOUSAND 1099s.

    I'm also thinking about the health insurance benefit reporting on form W2. That will be in the hundreds at a minimum. Tracking benefits provided for each employee? So what do we do setup a separate gl number for each employee?

    just thinking....
    Tags: None
    • JohnH
      Senior Member
      • Apr 2007
      • 5339
      #2
      No worries. Quickbooks will make whatever modifications are necessary, so we won't even be needed. Their ads will point that out in big bold letters - they'll even make it an additional selling point.
      Last edited by JohnH; 09-17-2010, 09:03 PM.
      "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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        • veritas
          Senior Member
          • Dec 2005
          • 3290
          #3
          I'm getting

          Originally posted by JohnH
          No worries. Quickbooks will make whatever modifications are necessary, so we won't even be needed. Their ads will point that out in big bold letters - they'll even make it an additional selling point.
          the Tim Geithner Pro version.

            Comment

            • JohnH
              Senior Member
              • Apr 2007
              • 5339
              #4
              That's a good choice - it comes with automatic penalty waivers if you "accidentally" enter the info wrong.
              "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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                • WhiteOleander
                  Senior Member
                  • Jun 2005
                  • 1370
                  #5
                  Originally posted by JohnH
                  No worries. Quickbooks will make whatever modifications are necessary, so we won't even be needed. Their ads will point that out in big bold letters - they'll even make it an additional selling point.
                  Oh thank goodness. I knew someone would come to our rescue! Now, there might actually be enough time to prepare ACTUAL tax returns. That is of course after we spend about an hour with each client explaining why they must send the 1099's now. Afterall, they never did before.
                  You have the right to remain silent. Anything you say will be misquoted, then used against you.

                    Comment

                    • Gretel
                      Senior Member
                      • Jun 2005
                      • 4008
                      #6
                      Originally posted by JohnH
                      No worries. Quickbooks will make whatever modifications are necessary, so we won't even be needed. Their ads will point that out in big bold letters - they'll even make it an additional selling point.
                      ..yes, and a very good alibi to raise the prices quite a bit. I better quit hating Intuit since I depend on them and they just have my and my clients best interest in mind, right?

                        Comment

                        • oceanlovin'ea
                          Senior Member
                          • Jun 2005
                          • 2682
                          #7
                          upgrade QB

                          Guess that means that I will have to upgrade my QB. Since I don't use the payroll options, I get by with 2007 program as long as I can.

                          Or maybe there is a better program out there somewhere.

                          Linda

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