Tips and Tricks to Help You Better Use QuickBooks. | Hawkins Ash CPAs
In this Edition
March 2020

Learn How to Enter the New 2020 W-4 into QuickBooks Desktop

New Version of Form I-9 Released

Need Help Preparing and Filing Corrected Returns?

Benefits of Calling a QuickBooks Certified ProAdvisor
Learn How to Enter the New 2020 W-4 into QuickBooks Desktop
2020 is well underway and employers should now be using the latest version of Form W-4 Employee’s Withholding Certificate. This IRS form needed to be revised in order to more accurately calculate withholding due to the tax law changes made late in 2017.

The new W-4 can be completed using a simple method or a more comprehensive method, as outlined in this article by Robin Lutz, MT, CPA, Senior Tax Manager at Hawkins Ash CPAs. Either way, it is easy to enter into QuickBooks Desktop.

  • Go to the top menu bar and click Employees, then Employee Center.
  • Double-click the employee you need to update.
  • Click the Payroll Info tab, then Taxes in the upper right-hand corner.

Note that QuickBooks currently has the default option set to 2019 and Prior for the form type. You will need to click the drop-down and select 2020 and Later.

You may receive a pop-up letting you know the following before you proceed:

  • Hire date is on or after Jan. 1 of 2020.
  • You will not be able to switch back to the 2019 version.

After proceeding, the next step is to select the Filing Status, as seen in this screenshot:
If the person is Single and holds more than one job, or if they are filing Married filing jointly and their spouse also has a job, then they can check the box.

If they did not check the box, they very well could have gone through the estimator or the multiple jobs worksheet and entered information in the optional Other Income, Deductions or Extra Withholding field(s).

If they Claim Dependents, have Other Income or Deductions, or want to withhold extra, you will enter that information based on what they have filled out.

Sometimes there are cases when you will receive a W-4 that has only the Filing Status filled out—and that is okay. Not everyone may have a second job, household or dependents.

After this information is entered, employees also need to fill out a withholding form for their state to record their filing status and allowances for state withholding.

As always, feel free to contact us with any QuickBooks Desktop questions or let us assist you with helping your employees understand this new W-4 form for use in the months ahead.

Contact: Chelsea Schultz
Direct: 920.337.4556
Email: cschultz@hawkinsashcpas.com
New Version of Form I-9 Released
Form I-9 is used to verify the identity and employment authorization of individuals hired for employment in the United States. As of Jan. 31, 2020, employers should have begun using Form I-9 (version 10/21/2019).
Need Help Preparing and Filing Corrected Returns?
There are several reasons why some of you may find yourself needing to file amended employment tax returns. Perhaps your employees received incorrect W-2 forms, but you have not yet filed. Or maybe your company already has filed, and you need to file updated forms with the government.

While this may sound like a daunting task, it is pretty easy in most cases. QuickBooks Desktop will take you step by step through the process. To do this, follow these simple instructions.

  1. From the Employee menu, choose Payroll Tax Forms & W-2s then Process Payroll Forms.
  2. For corrected W-2s, click on the W-2c/W-3c for the appropriate tax year. For correcting a 941, click on 941-X. Note that you must file a separate Form 941-X for each tax period for which there was an error.
  3. Double-clicking on a return will launch an interview process that will walk you through the necessary questions to properly complete the amended returns.
  4. If you already have made the necessary corrections to the affected employee(s), QuickBooks will fill in much of the information for you.
  5. Carefully review for accuracy before mailing a hard copy to the appropriate authority. At this time, amended returns will need to be mailed, as e-filing is not an option.

Preparing and filing corrected returns in QuickBooks Desktop is not as complicated as you might think! But as always, if you have questions please do not hesitate to contact Hawkins Ash CPAs for assistance.

Contact: Jennifer Kiehne , CPP, Certified QuickBooks Desktop ProAdvisor and Certified QuickBooks Online ProAdvisor
 Direct: 507.252.6682
Email: jkiehne@hawkinsashcpas.com
Sales Tax in QuickBooks Online

Collecting and remitting sales tax with QuickBooks Online does not need to be difficult! To enable sales tax within QuickBooks Online, just follow these few simple steps.

Protect Prior Year Data – Set a Closing Date Password

Neither QuickBooks Desktop nor QuickBooks Online requires you to close your books as part of year-end procedures. Follow these steps to ensure you don’t accidentally post transactions to a prior closed period!
Benefits of Calling a QuickBooks Certified ProAdvisor
By calling a QuickBooks Certified ProAdvisor you know you will be getting the most qualified person to help answer your questions.

To become “Certified” we must prepare for and take an exam through QuickBooks. We also must pass each section of the exam with a score of at least 80 percent.

During the preparation process we learn about QuickBooks special transactions, advanced features, advanced reporting and problem solving.

If, with all of our training and experience, we are still not able to answer your questions, we have access to experts at QuickBooks with U.S.-based phone support. Solving our clients’ QuickBooks problems is our number-one goal!

Contact: Debbie Denny , Advanced Certified QuickBooks ProAdvisor
Direct: 920.337.4558
Email: ddenny@hawkinsashcpas.com
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When a business is small, it may make sense to be a sole proprietor. But as the business grows, you may get some significant tax savings by changing the entity to an S corporation.

Randy Juedes to Lead Executive Committee at Hawkins Ash CPAs
We are pleased to announce that Randy Juedes, CPA, will serve as the incoming chairperson for the Executive Committee. He is also a partner of the firm.

Hawkins Ash CPAs
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